Section 105 IAC 16-1-7 - Bond requirementsAuthority: IC 8-23-2-6; IC 8-23-5-10
Affected: IC 8-23-5-10
Sec. 7.
(a) A bond must be obtained by the operator prior to the issuance of a permit. The following requirements must be met: (1) A surety must be in place in the name of the company that owns the broadband. If the name of the company changes for any reason, the surety must be updated to the new name of the company.(2) For a performance bond, the amount of [sic] is determined based upon the amount of conduit, fiber optic cable, or facilities to be installed, with a minimum of ten thousand dollars ($10,000) for up to five thousand (5,000) feet or ten thousand dollars ($10,000) per mile or the total project costs for installation within the department's right-of-way, whichever is greater.(b) For a blanket bond, the minimum required amount is five hundred thousand dollars ($500,000). Bond recipients are responsible for increasing the blanket bond value to cover the sum of the cost of all open permits. If the cost exceeds the blanket bond amount at any time, no new permits will be issued until the surety amount is increased or some of the permits are closed.Indiana Department of Transportation; 105 IAC 16-1-7; emergency rule filed 12/16/2021, 12:43 p.m.: 20211222-IR-105210537ERA, eff Jan 1, 2022