Indiana Code 14-34-7-6. Self-bond or corporate guarantee; percentage of net worth
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Sec. 6. (a) For the director to accept an applicant’s self-bond, the total amount of the outstanding and proposed self-bonds of the applicant for surface coal mining and reclamation operations in the United States may not exceed twenty-five percent (25%) of the applicant’s tangible net worth in the United States.
(b) For the director to accept a corporate guarantee, the total amount of the corporate guarantor‘s present and proposed self-bonds and guaranteed self-bonds for surface coal mining and reclamation operations in the United States may not exceed twenty-five percent (25%) of the guarantor’s tangible net worth in the United States.
[Pre-1995 Recodification Citation: 13-4.1-6.3-10.]
As added by P.L.1-1995, SEC.27.
Terms Used In Indiana Code 14-34-7-6
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- tangible net worth: means :
Indiana Code 14-34-7-3
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5