Section 45IAC12-4-5. Bond; filing requirements

   (a) Concurrently with the filing of an application for a distributor's license, every applicant must file with the administrator a bond:

(1) in an amount of not less than two thousand dollars ($2,000.00) nor more than three (3) months tax liability as estimated by the administrator;

(2) in cash or with a surety company approved by the administrator;

(3) upon which the distributor is the principal obligor and the state of Indiana is the obligee; and

(4) conditioned upon the prompt filing of true reports and payment of all gasoline taxes levied by Indiana, together with any penalties and interest, and upon faithful compliance with the provisions of this chapter [IC 6-6-1.1].

  (b) The administrator shall determine the amount of the distributor's bond. (Department of State Revenue; Reg 6-6-1.1-406(010); filed Sep 19, 1983, 2:23 pm: 6 IR 2320; filed Apr 30, 1986, 3:32 pm: 9 IR 2189)