§811.718. Discounting

For facilities providing financial assurance solely through a trust fund, the Agency shall allow discounting of closure cost estimates, post-closure cost estimates, and corrective action cost estimates in Section 811.704 up to the rate of return for essentially risk free investments, net of inflation, under the following conditions:

 

a)         The Agency determines that cost estimates are complete and accurate and the owner or operator has submitted a statement from a professional engineer, as defined in Section 810.103, so stating;

 

b)         The Agency finds the facility in compliance with applicable and appropriate permit conditions;

 

c)         The Agency determines that the closure date is certain, and the owner or operator certifies that there are no foreseeable factors that will change the estimate of site life; and

 

d)         Discounted cost estimates are adjusted annually to reflect inflation and the anticipated years of remaining life.

 

BOARD NOTE:  Derived from 40 CFR 258.75, added at 61 Fed. Reg. 60327 (Nov. 27, 1996).

 

(Source:  Amended at 35 Ill. Reg. 10842, effective June 22, 2011)