Section 704.213  Financial Assurance for Plugging and Abandonment

An owner or operator of each facility must establish financial assurance for the plugging and abandonment of each existing and new Class I hazardous waste injection well.  The owner or operator must choose one of the following financial assurance mechanisms:

a)         A trust fund (Section 704.214);

b)         A surety bond guaranteeing payment (Section 704.215);

c)         A surety bond guaranteeing performance (Section 704.216);

d)         A letter of credit (Section 704.217);

e)         Insurance (Section 704.218); or

f)         The financial test and corporate guarantee (Section 704.219);

BOARD NOTE:  Derived from 40 CFR 144.63 preamble (2005).

(Source:  Amended at 31 Ill. Reg. 605, effective December 20, 2006)