Illinois Administrative Code
Title 62 - MINING
Part 1800 - BONDING AND INSURANCE REQUIREMENTS FOR SURFACE COAL MINING AND RECLAMATION OPERATIONS
Section 1800.5 - Definitions
Universal Citation: 62 IL Admin Code ยง 1800.5
Current through Register Vol. 48, No. 12, March 22, 2024
a) Surety bond means an indemnity agreement in a sum certain payable to the Department, executed by the permittee as principal and which is supported by the performance guarantee of a corporation licensed to do business as a surety in Illinois.
b) Collateral bond means an indemnity agreement in a sum certain executed by the permittee as principal which is supported by the deposit with the Department of one or more of the following:
1) A cash account, which shall be
the deposit of cash in one or more federally-insured or equivalently protected
accounts, payable only to the Department upon demand, or the deposit of cash
directly with the Department;
2)
Negotiable bonds of the United States, a State, or a municipality, endorsed to
the order of, and placed in the possession of, the Department;
3) Negotiable certificates of deposit, made
payable or assigned to the Department and placed in its possession or held by a
federally-insured bank;
4) An
irrevocable letter of credit of any bank organized or authorized to transact
business in Illinois, in another state of the United States, or in the United
States by national charter, payable only to the Department upon presentation
provided that if the bank does not have an office for collection in Illinois,
there shall be a confirming bank designated with an office in Illinois that is
authorized to accept, negotiate and pay the letter upon presentment in
Illinois; or
5) Other
investment-grade rated securities having a rating of AAA, AA, or A or an
equivalent rating issued by a nationally recognized securities rating service,
endorsed to the order of, and placed in the possession of the
Department.
c) Self-bonding means an indemnity agreement in a sum certain executed by the applicant or by the applicant and any corporate guarantor and made payable to the Department, with or without separate surety.
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