Illinois Administrative Code
Title 62 - MINING
Part 240 - THE ILLINOIS OIL AND GAS ACT
Subpart O - BONDS
Section 240.1510 - Definitions
Universal Citation: 62 IL Admin Code ยง 240.1510
Current through Register Vol. 48, No. 12, March 22, 2024
a) Bond means surety bond or other security in lieu thereof.
b) 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 guarantee of a corporation authorized to transact business as a surety in Illinois. Surety bond does not include surplus line insurance procured by a surplus line producer.
c) Other security 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) An irrevocable letter of credit of any
bank organized or authorized to transact business in Illinois, payable only to
the Department upon presentation;
2) Certificates of deposit, drawn on a
federally insured bank, made payable or assigned to the Department and placed
in its possession.
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