35 Ill. Adm. Code 845.960
Trust Fund
Section 845.960 Trust Fund
a) An
owner or operator may satisfy the requirements of this Subpart by establishing
a fully funded trust fund that conforms to the requirements of this Section and
submitting to the Agency an original signed duplicate of the trust agreement.
b) The
trustee must be an entity that has the authority to act as a trustee and of
whom either of the following is true:
1) It is
an entity whose trust operations are examined by the Illinois Department of
Financial and Professional Regulation under the Illinois Banking Act [205 ILCS
5]; or
2) It is
an entity that complies with the Corporate Fiduciary Act [205 ILCS 620].
c) The
trust agreement must be on forms prescribed by the Agency. The trust agreement
must be updated within 60 days after a change in the amount of the current
closure, post-closure, and corrective action cost estimates covered by the
agreement.
d) The
trust fund must be fully funded from the date that the trust agreement becomes
effective.
e) The
trustee must evaluate the trust fund annually, as of the day the trust was
created or on such earlier date as may be provided in the agreement. The
trustee must notify the owner or operator and the Agency of the value within 30
days after the evaluation date.
f) If
the owner or operator of a CCR surface impoundment establishes a trust fund
after having used one or more alternative mechanisms specified in this Subpart,
the trust fund must be fully funded and established according to the
specifications of this Section.
g) Release of Excess Funds
1) If the
value of the financial assurance is greater than the total amount of the
current cost estimate, the owner or operator may submit a written request to
the Agency for a release of the amount in excess of the current cost estimate.
2) Within
60 days after receiving a request from the owner or operator for a release of
funds, the Agency must instruct the trustee to release to the owner or operator
the funds as the Agency specifies in writing to be in excess of the current
cost estimate.
h) Reimbursement for Closure,
Post-closure Care, and Corrective Action Expenses
1) After
initiating corrective action, closure, or post-closure care an owner or
operator, or any other person authorized to perform corrective action, closure,
or post-closure care, may request reimbursement for closure, post-closure care,
or corrective action expenditures by submitting itemized bills to the Agency.
2) Within
60 days after receiving the itemized bills for closure, post-closure care, or
correction action activities, the Agency must determine whether the
expenditures are in accordance with the closure, post-closure care, or
corrective action plan. The Agency must instruct the trustee to make
reimbursement in amounts the Agency specifies in writing as expenditures made in
accordance with the closure, post-closure care, or corrective action plan.
3) If
the Agency determines, based on information available to it, that the cost of
closure and post-closure care or corrective action will be greater than the
value of the trust fund, it must withhold reimbursement of amounts it
determines are necessary to preserve the fund in order to accomplish closure
and post-closure care or corrective action until it determines that the owner
or operator is no longer required to maintain financial assurance for closure
and post-closure care or corrective action. If the fund is inadequate to pay
all claims, the Agency must pay claims according to the following priorities:
A) Persons
with whom the Agency has contracted to perform closure, post-closure care, or
corrective action activities (first priority);
B) Persons
who have completed closure, post-closure care, or corrective action authorized
by the Agency (second priority);
C) Persons
who have completed work that furthered the closure, post-closure care, or
corrective action (third priority);
D) The
owner or operator and related business entities (last priority).