Section 329 IAC 15-5-6 - Surety bondAuthority: IC 13-19-3-1; IC 13-20-13-11
Affected: IC 13-30-2; IC 36-9-30
Sec. 6.
(a) The owner or operator of a waste tire storage site may comply with this rule by establishing a surety bond on:(1) forms provided by the department; or(2) other forms approved by the department.(b) The owner or operator shall choose from one (1) of the following types of surety bonds: (1) A financial guarantee surety bond.(2) A performance surety bond.(c) All surety bonds must contain the following:(1) The establishment of penal sums in the amount determined by section 3 of this rule.(2) If a performance surety bond is established, provision that the surety company shall do either of the following: (A) Perform the closure obligations upon notice from the department that the owner or operator of the waste tire storage site has failed to do so.(B) Comply with the requirements in subdivision (5).(3) Provision that the surety company may not cancel the bond without first sending notice of cancellation by certified mail to the owner or operator of the waste tire storage site and the department at least one hundred twenty (120) days before the effective date of the cancellation.(4) Provision that the owner or operator of the waste tire storage site may not terminate the surety bond without prior written authorization by the department.(5) Provision that the surety company shall do either of the following if the owner or operator of the waste tire storage site has failed to fulfill closure obligations and the bond guarantee is exercised:(A) If a standby trust is established in accordance with subsection (d), deposit all payments made directly into the standby trust fund.(B) If the financial assurance amount is less than twenty thousand dollars ($20,000) and a standby trust fund is not established, submit all payments directly to the department for the purpose of accomplishing required closure work.(d) If the financial assurance amount determined under this rule is twenty thousand dollars ($20,000) or more, the owner or operator of the waste tire storage site shall establish a standby trust fund to be: (1) utilized in the event the owner or operator of the waste tire storage site has failed to fulfill closure obligations and the bond guarantee is exercised; and(2) in accordance with section 5 of this rule.(e) The surety company issuing the bond must be: (1) among those listed as acceptable sureties for federal bonds in the most recent Circular 570* of the United States Department of the Treasury; and(2) authorized to do business in Indiana.(f) The surety company is not liable for deficiencies in the performance of closure by the owner or operator of the waste tire storage site after the department releases the owner or operator in accordance with section 12 of this rule. *This document is available for viewing at https://www.fiscal.treasury.gov/surety-bonds/circular-570.html and may be obtained from the United States Department of the Treasury, Bureau of the Fiscal Service, Surety Bond Program, 3700 East West Highway, Room 6D22, Hyattsville, MD 20782.
Solid Waste Management Board; 329 IAC 15-5-6; filed Oct 10, 2000, 3:10 p.m.: 24 IR 331; readopted filed Nov 30, 2006, 4:16 p.m.: 20061227-IR-329050168FRAReadopted filed Jul 18, 2012, 2:26 p.m.: 20120815-IR-329120206BFA; readopted filed Jun 6, 2018, 1:57 p.m.: 20180704-IR-329180170BFAFiled 11/28/2022, 10:42 a.m.: 20221228-IR-329170279FRA