Section 329IAC15-5-6. Surety bond

   (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) All surety bonds must contain the following:

(1) The establishment of penal sums in the amount determined by section 3 of this rule.

(2) Provision that the surety will be liable to fulfill the closure obligations upon notice from the department that the owner or operator of the waste tire storage site has failed to do so.

(3) Provision that the surety 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 bond without prior written authorization by the department.

  (c) The owner or operator of the waste tire storage site shall establish a standby trust fund to be utilized in the event the owner or operator of the waste tire storage site fails to fulfill closure obligations and the bond guarantee is exercised. Such a trust fund must be established in accordance with section 5 of this rule.

  (d) The surety company issuing the bond must be among those listed as acceptable sureties for federal bonds in the most recent Circular 570 of the United States Department of the Treasury.

  (e) The surety will not be 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. (Solid Waste Management Division; 329 IAC 15-5-6; filed Oct 10, 2000, 3:10 p.m.: 24 IR 331; readopted filed Nov 30, 2006, 4:16 p.m.: 20061227-IR-329050168FRA; readopted filed Jul 18, 2012, 2:26 p.m.: 20120815-IR-329120206BFA)