Indiana Code 14-25-5-12. Agreements to compensate owners for diminution in value
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Terms Used In Indiana Code 14-25-5-12
- financial responsibility bond: means a surety bond, a certificate of deposit, a cashier's check, or a letter of credit. See Indiana Code 14-25-5-2
- lake owner: means a person in possession of property that includes:
Indiana Code 14-25-5-4
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- significant water withdrawal facility: means a water pumping installation or other equipment of a person that, in the aggregate from all sources and by all methods, has the capability of withdrawing at least one hundred thousand (100,000) gallons of water in one (1) day. See Indiana Code 14-25-5-5
Sec. 12. A significant water withdrawal facility and a lake owner may enter into an agreement to compensate the lake owner for the diminution in value of the lake owner’s property caused by significant lowering of the lake level. If a significant water withdrawal facility and a lake owner enter into an agreement under this section, the owner of the significant water withdrawal facility is not required to file a financial responsibility bond under section 10 of this chapter.
[Pre-1995 Recodification Citation: 13-2-2.6-14.]
As added by P.L.1-1995, SEC.18.