Ill. Admin. Code tit. 32 § 332.270

Current through Register Vol. 48, No. 49, December 6, 2024

Section 332.270 - Long-Term Care Fund

a) Prior to termination of a source material milling or byproduct material license, a minimum payment of $250,000 (1978 dollars - $811,000 in 2008 dollars) to cover the cost of long-term care shall be paid by the licensee. If title and custody to land and byproduct material are transferred to the State, the payment shall be made to the State agency assuming custody. If title and custody are transfered to a federal agency, the payment shall be deposited in the general treasury of the United States.

b) If the cost of long-term care is determined, on the basis of a site specific evaluation, to be greater than $250,000 (1978 dollars - $811,000 in 2008 dollars), variance in the funding requirements shall be specified by the Agency. The total amount of the payment must be such that, with an assumed 1 percent annual real interest rate, the collected funds will yield interest in an amount sufficient to cover the annual costs of long-term care. The minimum funding requirement will be adjusted annually prior to actual payment to recognize inflation. The inflation rate to be used is that indicated by the change in the Consumer Price Index published by the U.S. Department of Labor, Bureau of Labor Statistics.

Ill. Admin. Code tit. 32, § 332.270

Amended at 32 Ill. Reg. 16756, effective October 6, 2008