South Dakota Codified Laws 34A-10-2.1. Activity which could result in pollution, contamination, or degradation–Financial assurance concerning corrective action–Form and amount
Any person making application to the Water Management Board or the Board of Minerals and Environment for a permit, a license, or an extension, amendment, or renewal of an existing permit or license, which authorizes activity that could result in a significant risk of pollution, contamination, or degradation of the environment and that is not covered by a performance or damage bond or other financial assurance instrument, may be required, as a condition of the permit, to provide financial assurance guaranteeing the performance of corrective actions to contain, mitigate, and remediate all pollution, contamination, or degradation which may be caused by the activity. The financial assurance in a reasonable and proper amount shall be in a form and an amount approved by the board, and may include insurance, company net worth considerations, a surety bond, escrow account, letter of credit, trust, guarantee, or cash deposit.
Terms Used In South Dakota Codified Laws 34A-10-2.1
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
Source: SL 1989, ch 306, § 68; SL 2011, ch 165, § 137.