Illinois Administrative Code › Title 32 - ENERGY › Part 326 - FINANCIAL ASSURANCE REQUIREMENTS › Appendix B - Wording for Surety Bonds

Current through Register Vol. 48, No. 28, July 12, 2024
A surety bond guaranteeing funds for reclamation, as specified
				in 32 Ill. Adm. Code
				326.100,
				shall contain the following provisions, except that the instructions in
				brackets are to be replaced with the relevant information and the brackets
				deleted:
SURETY BOND
Date bond executed:
Effective date:
Principal: [legal name and business address of
				licensee]
Type of organization: [insert "individual,"
				"partnership" or "corporation"]
State of incorporation:
Surety(ies): [Name(s) and business
				address(es)]
License number(s), name, address and reclamation
				cost for each facility guaranteed by this bond:
Total penal sum of bond: $ _____
Surety's bond number:
KNOW ALL PERSONS BY THESE PRESENTS, That we, the
				Principal and Surety(ies) hereto, are firmly bound to the Illinois Emergency
				Management Agency, 1035 Outer Park Drive, Springfield, Illinois 62704
				(hereinafter called Agency), in the above penal sum for the payment of which we
				bind ourselves, our heirs, executors, administrators, successors and assigns
				jointly and severally; provided that, where the Surety(ies) are corporations
				acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly
				and severally" only for the purpose of allowing a joint action or actions
				against any or all of us, and for all other purposes each Surety binds itself,
				jointly and severally with the Principal, for the payment of such sum only as
				is set forth opposite the name of such Surety, but if no limit of liability is
				indicated, the limit of liability shall be the full amount of the penal
				sum.
WHEREAS said Principal is required, under the
				Radiation Protection Act of 1990, to have a license in order to receive,
				possess, store and use radioactive material at the facility identified above;
				and
WHEREAS said Principal is required to provide
				financial assurance for reclamation as a condition of the license;
NOW, THEREFORE, the conditions of this obligation
				are such that if the Principal shall faithfully perform reclamation, whenever
				required to do so, of each facility for which this bond guarantees funds for
				reclamation, to the satisfaction of the Director, Illinois Emergency Management
				Agency, in accordance with acceptable practices for protection of health and
				safety pursuant to all applicable laws, statutes, rules and regulations, as
				such laws, statutes, rules and regulations may be amended;
OR, if the Principal shall provide alternative
				financial assurance as specified in 32 Ill. Adm. Code
				326.170,
				and obtain the written approval of such assurance from the Illinois Emergency
				Management Agency, within 90 days after the date notice of cancellation is
				received by both the Principal and the Agency from the Surety(ies), then this
				obligation shall be null and void; otherwise, it is to remain in full force and
				effect.
The Surety(ies) shall become liable on this bond
				obligation only when the Principal has failed to fulfill the conditions
				described herein.
Upon notification by the Agency that the Principal
				has been found in violation of the reclamation requirements of the Agency, for
				a facility for which this bond guarantees funds for performance of reclamation,
				the Surety(ies) shall pay the reclamation cost amount guaranteed for the
				facility to the Agency as directed by the Director.
Upon notification by the Agency that the Principal
				has failed to provide alternative financial assurance as specified in 32 Ill.
				Adm. Code
				326.170
				and obtain written approval of such assurance from the Agency during the 120
				days following receipt by both the Principal and the Director of a notice of
				cancellation of the bond, the Surety(ies) shall pay the amount guaranteed for
				the facility(ies) to the Agency as directed by the Director.
The Surety(ies) hereby waive(s) notification of
				amendments to licenses, applicable laws, statutes, rules and regulations and
				agree(s) that no such amendment shall in any way alleviate its (their)
				obligation on this bond.
The liability of the Surety(ies) shall not be
				discharged by any payment or succession of payments hereunder, unless and until
				such payment or payments shall amount in the aggregate to the penal sum of the
				bond, but in no event shall the obligation of the Surety(ies) hereunder exceed
				the amount of said penal sum.
The Surety(ies) may cancel the bond by sending
				notice of cancellation by certified mail to the licensee and to the Agency;
				provided, however, that cancellation shall not occur during the 180 days
				beginning on the date of receipt of the notice of cancellation by both the
				Principal and the Agency, as evidenced by the return receipts.
The Principal may terminate this bond by sending
				written notice to the Surety(ies); provided, however, that no such notice shall
				become effective until the Surety(ies) receive(s) written authorization for
				termination of the bond by the Agency.
IN WITNESS WHEREOF, the Principal and Surety(ies)
				have executed this SURETY BOND and have affixed their seals on the date set
				forth above.
The persons whose signatures appear below hereby
				certify that they are authorized to execute this surety bond on behalf of the
				Principal and Surety(ies).
PRINCIPAL
[Signature(s)]
[Below each signature, type or print that person's
				name and title]
Corporate seal:
CORPORATE SURETY(IES)
[Name and address]
State of incorporation:
Liability limit: $ _____
[Signature(s)]
[Below each signature, type or print that person's
				name and title]
Corporate seal:
[For every co-surety, provide signature(s),
				corporate seal and other information in the same manner as for the Surety
				above.]
Bond premium: $ _____