105 IAC 16.5-1-7 Bond requirements

Sec. 7. (a) A bond must be obtained by the operator before a permit is issued and the following requirements must be met: (1) A surety must be in place in the name of the company that owns the broadband. If the name of the company changes for any reason, the surety must be updated to the new name of the company. (2) For a performance bond, the amount is determined based on the amount of conduit, fiber optic cable, or facilities to be installed, with at least: (A) ten thousand dollars ($10,000) for up to five thousand (5,000) feet; (B) ten thousand dollars ($10,000) per mile; or (C) the total project costs for installation within the department's right-of-way; whichever is greater. (b) For a blanket bond, the lowest required amount is five hundred thousand dollars ($500,000) or an amount that is sufficient to cover the sum of the cost of the open permits, whichever is greater. Bond recipients are responsible for increasing the blanket bond value to cover the sum of the cost of the open permits. If the cost exceeds the blanket bond amount at any time, no new permits will be issued until the surety amount is increased or some of the permits are closed.