Section 312IAC25-5-4. Definitions

   (a) The definitions in this section apply throughout this rule.

  (b) "Collateral bond" means an indemnity agreement in a sum certain deposited with the department and executed by the permittee and supported by one (1) or more of the following:

(1) The deposit of cash in one (1) or more accounts, payable only to the Indiana department of natural resources upon demand after the department has determined the need for forfeiture and has notified the permittee of forfeiture action.

(2) Certificates of deposit made payable and assigned to the Indiana department of natural resources. Total deposits of the applicant at the institution certifying the certificate of deposit shall not exceed one hundred thousand dollars ($100,000) or the maximum insurable amount as determined by Federal Deposit Insurance Corporation and Federal Savings and Loan Insurance Corporation.

(3) An irrevocable letter of credit of any bank organized or authorized to transact business in Indiana, in accordance with section 12(b)(3) of this rule.

  (c) "Surety bond" means an indemnity agreement in a sum certain executed by the permittee as principal that is supported by the performance guarantee of a corporation licensed to do business as a surety in Indiana. (Natural Resources Commission; 312 IAC 25-5-4; filed Jun 21, 2001, 2:53 p.m.: 24 IR 3502, eff Dec 1, 2001; readopted filed May 29, 2007, 9:51 a.m.: 20070613-IR-312070146RFA; readopted filed Sep 19, 2013, 10:12 a.m.: 20131016-IR-312130125RFA)