When requested by permittee, bond shall be released when the permittee ceases operation and this system and such permittee's system is not in violation of the Act. When requested by permittee, bonds shall be released when the hole or holes are plugged and restored in accordance with Section 240.1260 and the permittee is not in violation of the Act.
Bond means surety bond or other security in lieu thereof.
Surety bond does not include surplus line insurance procured by a surplus line producer. Each bond shall conform with the requirements of the Act and this Part and with the declared purpose for which the bond is required. Bonds shall remain in effect until the obligations for which it is given have been satisfied and the bond has been released by the Department, pursuant to the Act and this Subpart. Bonds shall be signed by the permittee as principal, and by a good and sufficient corporate surety, authorized to transact business as a surety in Illinois. Each surety bond shall provide that the bond shall not be canceled by the surety except after not less than 90 days notice to the Department.