# 35 Ill. Adm. Code 848.APPENDIX: Section 848.APPENDIX A Financial Assurance Forms > Illinois · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T35_P848_S848_APPENDIX ## Section - **Citation:** 35 Ill. Adm. Code 848.APPENDIX - **Heading:** Section 848.APPENDIX A Financial Assurance Forms - **Jurisdiction:** Illinois - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Illinois Administrative Code / Title 35 ENVIRONMENTAL PROTECTION / CHAPTER I: POLLUTION CONTROL BOARD / Part 848 MANAGEMENT OF USED AND WASTE TIRES / Section 848.APPENDIX A Financial Assurance Forms ## Text Section 848 Section 848.APPENDIX A   Financial Assurance Forms Section 848.ILLUSTRATION A Trust Agreement TRUST AGREEMENT Trust Fund Number Trust Agreement, the "Agreement," entered into as of the (day of month) day of (month and year) , by and between (name of the owner or operator) , a/an (name of State) ("corporation," "partnership," "association" or "proprietorship") , the "Grantor," and (Name of corporate trustee) , ("incorporated in the State of ___________" or "a national bank") , the "Trustee." Whereas the Illinois Pollution Control Board (IPCB) has established certain regulations applicable to the Grantor, requiring that an owner or operator of a used or waste tire storage or disposal site provide assurance that funds will be available when needed for removal of used and waste tires from the site. Whereas the Grantor has elected to establish a trust to provide all or part of such financial assurance for the sites identified in this Agreement, and/or to serve as a standby trust fund. Whereas the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this Agreement, and the Trustee is willing to act as trustee. Whereas Trustee is an entity which has authority to act as a trustee and whose trust operations are regulated by a state or federal agency. Now, Therefore, the Grantor and the Trustee agree as follows: Section 1.  Definitions. As used in this Agreement: (a)        The term "Grantor" means the owner or operator who enters into this Agreement and any successors or assigns of the Grantor. mingling and Investment. The Trustee is expressly authorized in its discretion: (a)        To transfer from time to time any or all of the assets of the Fund to any common, commingled or collective trust fund created by the Trustee in which the Fund is eligible to participate, subject to all of the provisions thereof, to be commingled with the assets of other trusts participating therein; and (b)        To purchase shares in any investment company registered under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) including one which may be created, managed, underwritten or to which investment advice is rendered or the shares of which are sold by the Trustee. The Trustee may vote such shares in its discretion. Section 8.  Express Powers of Trustee. Without in any way limiting the powers and discretions conferred upon the Trustee by the other provisions of this Agreement or by law, the Trustee is expressly authorized and empowered: (a)        To sell, exchange, convey, transfer or otherwise dispose of any property held by it, by public or private sale. No person dealing with the Trustee shall be bound to see to the application of the purchase money or to inquire into the validity or expedience of any such sale or other disposition; (b)        To make, execute, acknowledge and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate to carry out the powers granted in this Agreement; he evaluation day. The failure of the Grantor to object in writing to the Trustee within 90 days after the statement has been furnished to the Grantor and the Illinois EPA  shall constitute a conclusively binding assent by the Grantor, barring the Grantor from asserting any claim or liability against the Trustee with respect to matters disclosed in the statement. Section 11. Advice of Counsel. The Trustee may from time to time consult with counsel, who may be counsel to the Grantor, with respect to any question arising as to the construction of this Agreement or any action to be taken hereunder. The Trustee shall be fully protected, to the extent permitted by law, in acting upon the advice of counsel. Section 12. Trustee Compensation. The Trustee shall be entitled to reasonable compensation for its services as agreed upon in writing from time to time with the Grantor. Section 13. Successor Trustee. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee and this successor accepts the appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee's acceptance of the appointment, the Trustee shall assign, transfer and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the trust in a writing sent to the Grantor, the Illinois EPA and the present Trustee by certified mail ten days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 9 he Trustee shall notify the Grantor and the Illinois EPA, by certified mail within ten days following the expiration of the 30-day period after the anniversary of the establishment of the Trust, if no payment is received from the Grantor during the period. After the pay-in period is completed, the Trustee shall not be required to send a notice of nonpayment. Section 16. Amendment of Agreement. This Agreement may be amended by an instrument in writing executed by the Grantor, the Trustee and the Illinois EPA Director, or by the Trustee and the Illinois EPA Director if the Grantor ceases to exist. Section 17. Irrevocability and Termination. Subject to the right of the parties to amend this Agreement as provided in Section 16, this Trust shall be irrevocable and shall continue until terminated at the written agreement of the Grantor, the Trustee and the Illinois EPA Director, or by the Trustee and the Illinois EPA Director, if the Grantor ceases to exist. Upon termination of the Trust, all remaining trust property, less final trust administration expenses, shall be delivered to the Grantor. Section 18. Immunity and Indemnification. The Trustee shall not incur personal liability of any nature in connection with any act or omission, made in good faith, in the administration of this Trust, or in carrying out any directions by the Grantor or the Illinois EPA Director issued in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by the Grantor or from the Trust Fund, or both, from and against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its official capacity, including all expenses reasonably incurred in its defense in the event the Grantor fails to provide such defense. Section 19. Choice of Law. This Agreement shall be administered, construed and enforced according to the laws of the State of Illinois. Section 20. Interpretation ## Nearby sections - [35 Ill. Adm. Code 848.APPENDIX Section 848.APPENDIX A Financial Assurance Forms](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T35_P848_S848_APPENDIX.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T35_P848_S848_APPENDIX. Check the current official text before relying on it. Not legal advice.