§ 479.26 — Financial condition of permittee — bond

Iowa § 479.26

• Jurisdiction: Iowa
• Title XI: NATURAL RESOURCES
• Ch. 479: PIPELINES AND UNDERGROUND GAS STORAGE

Text

Before any permit is granted under this chapter the applicant must satisfy the commission
that the applicant has property within this state other than pipelines, subject to execution of a
value in excess of two hundred fifty thousand dollars, or the applicant must file and maintain
with the commission a surety bond in the penal sum of two hundred fifty thousand dollars
with surety approved by the commission, conditioned that the applicant will pay any and
all damages legally recovered against it growing out of the construction or operation of its
pipeline and gas storage facilities in the state of Iowa. When the pipeline company deposits
with the commission security satisfactory to the commission as a guaranty for the payment of
the damages, or furnishes to the commission satisfactory proofs of its solvency and financial
ability to pay the damages, the pipeline company is relieved of the provisions requiring bond.

Legislative History

[C31, §8338-d27; C35, §8338-f40; C39, §8338.48; C46, 50, 54, 58, 62, 66, 71, 73, 75, §490.27; C77, 79, 81, §479.26; 81 Acts, ch 159, §11]