7 Del. Admin. Code § 7103-130.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 7103-130.0 - Execution and Payment of Bond

130.1 The bond shall be executed by the applicant and by a corporate surety licensed to do business in this State. Instead of having a bond executed by a corporate surety, the applicant may elect to deposit, with the Department, cash or negotiable bonds of the federal government or of this State or any other securities acceptable to the Department. The amount of the cash deposit or the market value of any securities shall be at least equal to the required sum of the bond. The Department shall receive and hold the cash or securities in trust, for the purposes for which the deposit is posted.

130.2 The obligation of the applicant and of any corporate surety under the bond shall become due and payable, and all or any part of any cash or securities shall be applied to payment of the costs of properly fulfilling any requirement of the Permit if the Department has:

130.2.1 Notified the applicant and any corporate surety that the conditions of the Permit have not been fulfilled, and specified in the notice the particular deficiencies in the fulfillment of the permit conditions;

130.2.2 Given the applicant and any corporate surety a reasonable opportunity to correct the deficiencies and to fulfill all of the conditions of the permit; and

130.2.3 Determined that, at the end of a reasonable length of time, some or all of the deficiencies specified under Subsection 130.2.1, above, remain uncorrected.

7 Del. Admin. Code § 7103-130.0