Indiana Administrative Code
Title 329 - SOLID WASTE MANAGEMENT DIVISION
Article 15 - WASTE TIRE MANAGEMENT
Rule 5 - Financial Assurance
Section 5-9 - Bond for performance

Universal Citation: 329 IN Admin Code 5-9

Current through September 18, 2024

Authority: IC 13-19-3-1; IC 13-20-14-6

Affected: IC 13-30-2; IC 36-9-30

Sec. 9.

(a) A waste tire transporter may comply with this rule by establishing a performance bond on:

(1) forms provided by the department; or

(2) other forms approved by the department.

(b) All performance bonds must contain the following:

(1) The establishment of penal sums in the amount of not less than ten thousand dollars ($10,000).

(2) Provision that the surety company shall do either of the following if the commissioner notifies the surety company in writing that the waste tire transporter has failed to fulfill its obligations under this article:
(A) Perform the obligations of the waste tire transporter.

(B) Submit payments to the department for the entire amount of the penal sum required under subdivision (1).

(3) Provision that the surety company may not cancel the bond without first sending notice of cancellation by certified mail to the waste tire transporter and the department at least one hundred twenty (120) days before the effective date of the cancellation.

(4) Provision that the waste tire transporter may not terminate the bond without prior written authorization by the department.

(c) 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.

(d) The surety company is not liable for deficiencies in the performance of the waste tire transporter after the department releases the waste tire transporter 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.

Disclaimer: These regulations may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.