Section 312 IAC 25-5-13 - Escrow bondingAuthority: IC 14-34-2-1
Affected: IC 14-34-3; IC 14-34-6; IC 14-34-9; IC 14-34-10
Sec. 13.
(a) The director may authorize the permittee to supplement the bond through the establishment of an escrow account deposited in one (1) or more accounts payable on demand only to the state or deposited with the director directly. The total bond, including the escrow amount, shall not be less than the amount required under the terms of performance bonds, including any adjustments, less amounts released in accordance with release of performance bonds.(b) Interest paid on an escrow account shall be retained in the escrow account and applied to the bond value of the escrow account unless the director has approved that the interest be paid to the permittee. Natural Resources Commission; 312 IAC 25-5-13; filed Jun 21, 2001, 2:53 p.m.: 24 IR 3505, eff Dec 1, 2001; readopted filed May 29, 2007, 9:51 a.m.: 20070613-IR-312070146RFA; readopted filed Sep 19, 2013, 10:12 a.m.: 20131016-IR-312130125RFAReadopted filed 3/26/2019, 3:40 p.m.: 20190424-IR-312190011RFA