Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-27 - Wording of instrument; surety bonds

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22; IC 13-11-2-71
Sec. 27.
A surety bond guaranteeing payment into a trust fund, as
				  specified in section 6 or 16 of this rule,
				  329 IAC
				  3.1-15-4(c), or
				  329 IAC
				  3.1-15-6(c),
				  329 IAC
				  3.1-15-10(b) ), must be worded as
				  follows except that instructions in brackets are to be replaced with the
				  relevant information and the brackets deleted:
Financial Guarantee Bond
Date bond executed: _________________________
Effective date: _________________________
Principal: [legal name and business address of owner or
				  operator]
Type of organization: [insert "individual", "joint venture",
				  "partnership", or "corporation"]
State of incorporation: _________________________
Surety(ies): [name(s) and business address(es)]
U.S. EPA identification number, name, address, and
				  corrective action, closure, and/or post-closure amount(s) for each facility
				  guaranteed by this bond [indicate corrective action, closure, and post-closure
				  amounts separately]:
Total penal sum of bond: $_________________________
Surety's bond number: _________________________
We, the Principal and Surety(ies) hereto are firmly bound to
				  the Indiana Department of Environmental Management (IDEM), 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 environmental
				  management laws as defined at IC 13-11-2-71 and 329 IAC 3.1, to have a permit
				  or interim status in order to own or operate each hazardous waste management
				  facility identified above, and
Whereas said Principal is required to provide financial
				  assurance for corrective action, closure, and/or post-closure care, as a
				  condition of the permit or interim status, and
Whereas said Principal shall establish a standby trust fund
				  as is required when a surety bond is used to provide such financial
				  assurance;
Now, Therefore, the conditions of the obligation are such
				  that if the Principal shall faithfully, before the beginning of corrective
				  action or final closure of each facility identified above, fund the standby
				  trust fund in the amount(s) identified above for the facility,
Or, if the Principal shall fund the standby trust fund in
				  such amount(s) within fifteen (15) days after a final order to begin corrective
				  action or closure is issued by the IDEM or a U.S. district court or other court
				  of competent jurisdiction,
Or, if the Principal shall provide alternate financial
				  assurance, in accordance with
				  329
				  IAC 3.1-14 or
				  329
				  IAC 3.1-15, as applicable, and obtain the IDEM
				  commissioner's written approval of such assurance, within ninety (90) days
				  after the date notice of cancellation is received by both the Principal and the
				  IDEM commissioner 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 above.
				  Upon notification by the IDEM commissioner that the Principal has failed to
				  perform as guaranteed by this bond, the Surety(ies) shall place funds in the
				  amount guaranteed for the facility(ies) into the standby trust fund as directed
				  by the IDEM commissioner.
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 Principal and to the IDEM commissioner,
				  provided, however, that cancellation shall not occur during the one hundred
				  twenty (120) days beginning on the date of receipt of the notice of
				  cancellation by both the Principal and the IDEM commissioner, 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 IDEM commissioner.
[The following paragraph is an optional rider that may be
				  included but is not required.]
Principal and Surety(ies) hereby agree to adjust the penal
				  sum of the bond yearly so that it guarantees a new corrective action, closure,
				  and/or post-closure amount, provided that the penal sum does not increase by
				  more than twenty percent (20%) in any one (1) year, and no decrease in the
				  penal sum takes place without the written permission of the IDEM
				  commissioner.
In Witness Whereof, the Principal and Surety(ies) have
				  executed this Financial Guarantee 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) and that the wording of this surety bond is identical to the
				  wording specified in 329 IAC 3.1-14-27 as such rule was constituted on the date
				  this bond was executed.
Principal
[Signature(s)]
[Name(s)]
[Title(s)]
[Corporate seal]
Corporate Surety(ies)
[Name and address] _________________________
State of incorporation: _________________________
Liability limit: $_________________________
[Signature(s)]
[Name(s) and title(s)]
[Corporate seal]
[For every co-surety, provide signature(s) and other
				  information in the same manner as for Surety above.]
Bond premium: $ _________________________
(Note: The corporate seal is not required by Indiana
				  law.)