Iowa Admin. Code r. 199-10.17 - Sale or transfer of permit
(1) No permit shall be sold or transferred
without written approval of the commission. A petition for approval of the sale
or transfer shall be jointly filed by the buyer, or transferee, and the seller,
or transferor, shall include assurances that the buyer, or transferee, is
authorized to transact business in the state of Iowa; is willing and able to
construct, operate, and maintain the pipeline in accordance with these rules;
and if the sale, or transfer, is prior to completion of construction of the
pipeline shall show that the buyer, or transferee, has the financial ability to
pay up to $250,000 in damages associated with construction or operation of the
pipeline, or any other amount the commission has determined is necessary when
granting the permit.
(2) For
purposes of this rule, reassignment of a pipeline permit as part of a corporate
restructuring, with no change in pipeline operating personnel or procedures, is
considered a transfer and requires prior commission
approval.
Notes
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(1) No permit shall be sold or transferred without written approval of the commission. A petition for approval of the sale or transfer shall be jointly filed by the buyer, or transferee, and the seller, or transferor, shall include assurances that the buyer, or transferee, is authorized to transact business in the state of Iowa; is willing and able to construct, operate, and maintain the pipeline in accordance with these rules; and if the sale, or transfer, is prior to completion of construction of the pipeline shall show that the buyer, or transferee, has the financial ability to pay up to $250,000 in damages associated with construction or operation of the pipeline, or any other amount the commission has determined is necessary when granting the permit.
(2) For purposes of this rule, reassignment of a pipeline permit as part of a corporate restructuring, with no change in pipeline operating personnel or procedures, is considered a transfer and requires prior commission approval.