Section 329IAC15-5-9. Bond for performance

   (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 at least ten thousand dollars ($10,000).

(2) Provision that the surety will be liable to fulfill the obligations of the waste tire transporter upon notice from the department that the waste tire transporter has failed to fulfill all obligations of this article.

(3) Provision that the surety 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.

(5) Provision that the surety will pay to the department, for deposit in the waste tire management fund established by IC 13-20-13-8, the entire amount of the penal sum described in subdivision (1) in the event the waste tire transporter fails to fulfill all obligations under this article.

  (c) The waste tire transporter shall establish a standby trust fund to be utilized in the event the waste tire transporter fails to fulfill all obligations under this article 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 the waste tire transporter after the department releases the waste tire transporter in accordance with section 12 of this rule. (Solid Waste Management Division; 329 IAC 15-5-9; filed Oct 10, 2000, 3:10 p.m.: 24 IR 332; readopted filed Nov 30, 2006, 4:16 p.m.: 20061227-IR-329050168FRA; readopted filed Jul 18, 2012, 2:26 p.m.: 20120815-IR-329120206BFA)