Section 71IAC4-2-2. Bond requirements

   (a) An association shall file with the commission a bond payable to the commission in an amount determined by the commission for pari-mutuel racing and in either case not more than the financial liability of the association license throughout the race meeting for which the association license is requested.

  (b) The bond shall be:

(1) executed by the applicant and a surety company or companies authorized to do business in this jurisdiction; and

(2) conditioned upon the payment by the association of all taxes and all other monies due and payable:

(A) pursuant to statutory provisions;

(B) from horsemen's accounts; and

(C) from the presentation of winning tickets.

The association will distribute all sums due to the patrons of pari-mutuel pools.

  (c) The financial liabilities incurred by the association in the form of real estate mortgages shall not be included in the determination of the bond amount. (Indiana Horse Racing Commission; 71 IAC 4-2-2; emergency rule filed Feb 10, 1994, 9:20 a.m.: 17 IR 1134; readopted filed Oct 30, 2001, 11:50 a.m.: 25 IR 899; readopted filed Mar 23, 2007, 11:31 a.m.: 20070404-IR-071070030RFA; readopted filed Nov 26, 2013, 11:25 a.m.: 20131225-IR-071130345RFA)