312 IAC 25-5-14 Surety/escrow bonding combined

Sec. 14. The director may accept a combined surety/escrow bonding schedule provided the following: (1) A surety bond payable to the state is posted in the amount determined under section 8 of this rule for reclamation of each successive increment. (2) An interest-bearing escrow account payable to the state with a predetermined deposit amount and frequency is established. (3) The amount of the surety bond shall always be sufficient to cover the difference between the escrow balance and the total reclamation cost. (4) The terms and conditions of the escrow account shall be developed jointly by the permittee, surety, and director. Deposits to the escrow account by the permittee shall be made periodically and so reported to the director. Failure to make deposits on schedule shall be just cause for action by the director. (5) A certified escrow account balance statement shall be provided periodically to the surety and the director.