Section 1680-07-01-.23 - BOND OR PROOF OF SOLVENCY REQUIREMENTS(1) The TDOT Permit Office may require, as a condition of the issuance of a permit under these rules, that an applicant shall agree to and give bond with surety (unless an applicant shall by sworn statement furnish satisfactory proof of the applicant's own solvency to the TDOT Permit Office) to indemnify the state and/or counties thereof, against damages to roads, or bridges, resulting from the use thereof by the applicant. The bond, if the TDOT Permit Office so authorizes, may cover more than one permitted vehicle operated by the same applicant.(2) The bond required shall be in a form acceptable to the TDOT Permit Office and in an amount, as determined by the TDOT Permit Office, sufficient to indemnify the state and/or counties for the potential damages to roads and bridges resulting from the applicant's use.(3) A sworn statement furnishing satisfactory proof of the applicant's solvency shall mean an audited financial statement, certified by a certified public accountant, showing net assets of the applicant in an amount, as determined by the TDOT Permit Office, sufficient to indemnify the state and/or counties for the potential damages to roads and bridges resulting from the applicant's use.Tenn. Comp. R. & Regs. 1680-07-01-.23
Original rule filed July 1, 1982; effective August 2, 1982. Repeal and new rule filed October 31, 1985; effective November 30, 1985. Repeal and new rule filed June 19, 1991; effective August 3, 1991. Amendment filed January 11, 2002; effective May 31, 2002. Rule has been assigned a new control number from 1680-02-02-.23 filed and effective February 1, 2003. Amendments filed February 14, 2018; effective 5/15/2018.Authority: T.C.A. § 55-7-205.