§ 14-25-5-11 — Financial responsibility bonds; compensation, forfeiture

Indiana § 14-25-5-11

• Jurisdiction: Indiana
• Art. 25: WATER RIGHTS AND RESOURCES
• Ch. 5: Emergency Regulation of Surface Water Rights

Text

(a) After a bond is filed under section 10 of
this chapter, the operator of a significant water withdrawal facility and
a complaining lake owner may enter into a written agreement for
compensation to the lake owner instead of bond forfeiture.
(b) If:
(1) the operator and lake owner have not entered into an
agreement within three (3) years after a temporary order under
section 7 of this chapter has been issued; and
(2) the freshwater lake has not returned to normal;
the director shall order the forfeit to the benefit of the lake owner of the
part of the bond filed under section 10 of this chapter that is needed to
provide compensation under section 10 of this chapter.
(c) If a financial responsibility bond has been filed for the benefit of
more than one (1) complaining lake owner, the amount of the bond
forfeited under subsection (b) shall be distributed to the affected
complaining lake owners on a pro rata basis.
(d) Instead of forfeiting a bond under subsection (b), the operator of
a significant water withdrawal facility may pay cash to a lake owner in
the amount of the part of the bond forfeited under subsection (b).
[Pre-1995 Recodification Citation: 13-2-2.6-13(c), (d),
(e).]

Legislative History

As added by P.L.1-1995, SEC.18.