312 IAC 17-2-10 - Bonds
Authority: IC 14-38-2-7
Affected: IC 14-38-2
Sec. 10.
(a) No
person, except a federal or state agency, shall commence a test hole until the
person has filed and the department has approved a bond of one thousand dollars
($1,000) for each test hole drilled or a blanket bond of five thousand dollars
($5,000) for all test holes drilled by the person for the duration of the bond.
The bond shall be on a form prescribed by the division, and, as a minimum,
shall provide for compliance with IC 14-38-2, this rule, and orders of the
commission.
(b) The name of the
principal on the bond and of the operator shall be identical.
(c) An operator shall maintain a bond
approved under subsection (a) until the operator plugs, abandons, and provides
complete drilling information for each test hole included under the bond. Upon
compliance by the operator with this subsection, a test hole bond shall be
released by the department.
(d) 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. A
surety bond shall be executed by the operator as principal and by the surety or
for either of them by an attorney-in-fact with certified power of attorney
attached.
(e) A cash bond shall be
made upon a certified check delivered and made payable by the operator to the
department.
(f) A certificate of
deposit must be assigned in writing to the state and the assignment noted upon
the books of the bank issuing the certificate.
Notes
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