Current through Register Vol. 54, No. 44, November 2, 2024
Section 78.303 - Form, terms and conditions of the bond(a) The following types of security are approvable: (1) A surety bond as provided in § 78.304 (relating to terms and conditions for surety bonds).(2) A collateral bond as provided in §§ 78.305-78.308. For individuals who meet the requirements of section 215(d.1) of the act, a phased deposit of collateral bond as provided in § 78.309(b) (relating to phased deposit of collateral).(b) A person submitting a bond shall comply with the Department guidelines establishing minimum criteria for execution and completion of the bond forms and related documents.(c) A bond shall be conditioned upon compliance with the drilling, water supply replacement, restoration and plugging requirements in the act, this chapter and permit conditions relating thereto. The bonds are penal in nature and are designed to ensure compliance by the operator to protect the environment, public health and safety affected by the oil and gas well.(d) The person named in the bond or other security shall be the same as the person named in the permit.(e) The bond amounts required under section 215 of the act are as follows: (1) Two thousand five hundred dollars for a single well.(2) Twenty-five thousand dollars for a blanket bond.The provisions of this §78.303 adopted July 28, 1989, effective 7/29/1989, 19 Pa.B. 3229; amended December 16, 1994, effective 12/17/1994, 24 Pa.B. 6284; amended March 30, 2001, effective 3/31/2001, 31 Pa.B. 1736.