Indiana Code 14-34-7-9. Change in financial condition
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Sec. 9. (a) If at any time during the period when a self-bond is posted, the financial conditions of the applicant or the corporate guarantor change so that the criteria of sections 4(d)(7), 4(f), and 6 of this chapter are no longer satisfied, the permittee shall do the following:
(2) Within ninety (90) days of the change in financial condition post an alternate form of bond in the same amount as the self-bond.
(1) Notify the director immediately.
Terms Used In Indiana Code 14-34-7-9
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
(b) If the applicant does not post an alternate form of bond within ninety (90) days of the change in financial condition, the applicant must cease coal extraction and immediately begin reclamation.
[Pre-1995 Recodification Citation: 13-4.1-6.3-13.]
As added by P.L.1-1995, SEC.27. Amended by P.L.176-1995, SEC.19.