312 IAC 25-5-15 Bond replacement

Sec. 15. (a) The director may allow permittees to replace existing bonds with other bonds if the liability that has accrued against the permittee on the permit area is transferred to such replacement bonds. (b) The director shall not release existing performance bonds until the permittee has submitted and the director has approved acceptable replacement performance bonds. A replacement of performance bonds under this section shall not constitute a release of bond under section 16 of this rule.