Bond Or Proof Of Solvency Requirements

(1) The TDOT Permit Office may require, as a condition of the issuance of a permit under these rules, that an applicant shall agree to and give bond with surety (unless an applicant shall by sworn statement furnish satisfactory proof of the applicant’s own solvency to the TDOT Permit Office) to indemnify the state and/or counties thereof, against damages to roads, or bridges, resulting from the use thereof by the applicant. The bond, if the TDOT Permit Office so authorizes, may cover more than one permitted vehicle operated by the same applicant. (2) The bond required shall be in a form acceptable to the TDOT Permit Office and in an amount, as determined by the TDOT Permit Office, sufficient to indemnify the state and/or counties for the potential damages to roads and bridges resulting from the applicant’s use. OVERWEIGHT AND OVERDIMENSIONAL MOVEMENTS CHAPTER 1680-07-01 ON TENNESSEE HIGHWAYS (3) A sworn statement furnishing satisfactory proof of the applicant’s solvency shall mean an audited financial statement, certified by a certified public accountant, showing net assets of the applicant in an amount, as determined by the TDOT Permit Office, sufficient to indemnify the state and/or counties for the potential damages to roads and bridges resulting from the applicant’s use.