Section 329 IAC 15-5-10 - Negotiable certificate of depositAuthority: IC 13-19-3-1; IC 13-20-14-6
Affected: IC 13-30-2; IC 36-9-30
Sec. 10.
(a) A waste tire transporter may comply with this rule by establishing a negotiable certificate of deposit that meets the requirements of this section.(b) A negotiable certificate of deposit must contain the following:(1) A principal amount of not less than ten thousand dollars ($10,000).(2) Provision that the certificate of deposit may not be withdrawn by the waste tire transporter unless released in writing by the department under section 12 of this rule.(3) The principal must be deposited for a period of at least one (1) year, with automatic redeposit thereafter for periods of at least one (1) year unless the issuing institution provides written notification of cancellation by certified mail to both the waste tire transporter and the department at least one hundred twenty (120) days before the date on which the certificate of deposit matures.(4) Provision that the certificate of deposit must be payable to the department in an amount equal to the principal amount required under subdivision (1), if the issuing institution is notified in writing by the commissioner that the waste tire transporter has failed to fulfill its obligations under this article.(c) The issuing institution must be an entity that has the authority to issue certificates of deposit and whose operations are regulated and examined by a federal or state agency.Solid Waste Management Board; 329 IAC 15-5-10; filed Oct 10, 2000, 3:10 p.m.: 24 IR 333; readopted filed Nov 30, 2006, 4:16 p.m.: 20061227-IR-329050168FRAReadopted filed Jul 18, 2012, 2:26 p.m.: 20120815-IR-329120206BFA; readopted filed Jun 6, 2018, 1:57 p.m.: 20180704-IR-329180170BFAFiled 11/28/2022, 10:42 a.m.: 20221228-IR-329170279FRA