Iowa § 479B.13 Financial condition of permittee — bond

Iowa Statutes

§ 479B.13 — Financial condition of permittee — bond

Iowa § 479B.13

Title XINATURAL RESOURCES

Ch. 479BHAZARDOUS LIQUID PIPELINES AND STORAGE FACILITIES

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Bluebook

Iowa Code § 479B.13 (2026).

Text

Before a permit is granted under this chapter the applicant must satisfy the commission
that the applicant has property within this state other than pipelines or underground storage
facilities, 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, maintenance, or operation of its pipeline or underground storage facilities
in this state. When the pipeline company deposits with the commission security satisfactory
to the commission as a guaranty for the payment of the damages, or

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Before a permit is granted under this chapter the applicant must satisfy the commission
that the applicant has property within this state other than pipelines or underground storage
facilities, 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, maintenance, or operation of its pipeline or underground storage facilities
in this state. 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.