Section 312 IAC 6-5-5 - BondsAuthority: IC 14-10-2-4; IC 14-29-1-8; IC 14-34-2-1; IC 14-37-3-5
Affected: IC 14-29; IC 14-34; IC 14-37
Sec. 5.
(a) Except as provided in this section, a bond shall be posted by the license applicant with the department to assure prompt compliance with the terms and conditions of the license. Bond shall be in the form of a surety bond, a cash bond, or a certificate of deposit. No surety bond shall be approved unless issued by a company holding an applicable certificate of authority from the department of insurance, state of Indiana.(b) The bond for any extraction resulting from surface coal mining operations shall be as determined under IC 14-34 and 312 IAC 25.(c) The bond for any well for oil and gas purposes shall be as determined under IC 14-37 and 312 IAC 16-4. Natural Resources Commission; 312 IAC 6-5-5; filed Sep 11, 1997, 8:50 a.m.: 21 IR 370; filed Feb 7, 2000, 3:31 p.m.: 23 IR 1365; readopted filed Jul 28, 2003, 12:00 p.m.: 27 IR 286; errata filed Jan 27, 2009, 2:04 p.m.: 20090211-IR-312090064ACA; readopted filed Sep 28, 2009, 11:57 a.m.: 20091021-IR-312090152RFAFiled 11/24/2015, 4:05 p.m.: 20151223-IR-312150295RFAReadopted filed 9/23/2021, 9:42 a.m.: 20211020-IR-312210342RFA