Section 900.714  Participation in a Livestock Waste Lagoon Closure Fund

a)         A lagoon owner may provide evidence of financial responsibility for closure of a livestock waste lagoon by participating in a livestock waste lagoon closure fund managed by the Illinois Farm Development Authority.  An owner electing to provide evidence of financial responsibility under this Section must submit a certificate of participation in such a lagoon closure fund to the Department.

b)         The certificate of participation submitted pursuant to subsection (a) of this Section must include:

1)         the level of surety for the lagoon;

2)         the dollar amount of coverage provided by the lagoon closure fund;

3)         the dates for which coverage is provided; and

4)         a financial statement of the lagoon closure fund establishing the lagoon closure fund's compliance with the requirements of this Section.

c)         The lagoon closure fund must maintain minimum reserves equal to the greater of:

1)         the level of surety of the largest lagoon covered by the lagoon closure fund; or

2)         twice the average level of surety of lagoons covered by the fund.

d)         The lagoon closure fund must guarantee that funds will be available to close the lagoon.  Upon a notice of liability from the Department, the lagoon closure fund must comply with the requirements of Section 900.706(c) of this Part.

e)         If the reserves of the lagoon closure fund are reduced to less than the minimum amount required under subsection (b) due to expenditures of funds in order to comply with Section 900.706(c), then within 120 days after such reduction the lagoon closure fund must demonstrate to the Department that the minimum reserve level has been restored.

f)         The lagoon closure fund may not cancel or terminate coverage prior to the date set forth in the certification pursuant to subsection (b)(3) of this Section.