§ 14-34-6-5 — Options instead of bond

(a) Instead of a bond, an operator may elect to
deposit:
(1) cash;
(2) negotiable bonds of the United States government or of
Indiana; or
(3) negotiable certificates of deposit or letters of credit of a bank
organized or transacting business in the United States;
in an amount or that has a market value equal to or greater than the
amount of the bond required for the bonded area under the same terms
and conditions upon which surety bonds are deposited.
(b) In the alternative, the director may accept the applicant's own
bond without separate surety if the applicant demonstrates to the
satisfaction of the department under IC 14-34-7 the following:
(1) The existence of a suitable agent to receive service of process.
(2) A history of financial solvency and continuous operation
sufficient for authorization to self insure or bond the amount.
[Pre-1995 Recodification Citation: 13-4.1-6-5.]

Legislative History

As added by P.L.1-1995, SEC.27.