Current through September 18, 2024
Authority: 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.
