(a)A licensed owner must post a bond with the
commission at least sixty (60) days before the commencement of
gambling on the riverboat.
(b)The bond shall be furnished in:
(1)cash or negotiable securities;
(2)a surety bond:
(A)with a surety company approved by the commission; and
(B)guaranteed by a satisfactory guarantor; or
(3)an irrevocable letter of credit issued by a banking institution
of Indiana acceptable to the commission.
(c)If a bond is furnished in cash or negotiable securities, the
principal shall be placed without restriction at the disposal of the
commission, but income inures to the benefit of the licensee.
(d)The bond:
(1)is subject to the approval of the commission;
(2)must be in an amount that the commission determines will
adequately reflect the amount that a l
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(a) A licensed owner must post a bond with the
commission at least sixty (60) days before the commencement of
gambling on the riverboat.
(b) The bond shall be furnished in:
(1) cash or negotiable securities;
(2) a surety bond:
(A) with a surety company approved by the commission; and
(B) guaranteed by a satisfactory guarantor; or
(3) an irrevocable letter of credit issued by a banking institution
of Indiana acceptable to the commission.
(c) If a bond is furnished in cash or negotiable securities, the
principal shall be placed without restriction at the disposal of the
commission, but income inures to the benefit of the licensee.
(d) The bond:
(1) is subject to the approval of the commission;
(2) must be in an amount that the commission determines will
adequately reflect the amount that a local community will expend
for infrastructure and other facilities associated with a riverboat
operation; and
(3) must be payable to the commission as obligee for use in
payment of the licensed owner's financial obligations to the local
community, the state, and other aggrieved parties, as determined
by the rules of the commission.
(e) If after a hearing (after at least five (5) days written notice) the
commission determines that the amount of a licensed owner's bond is
insufficient, the licensed owner shall upon written demand of the
commission file a new bond.
(f) The commission may require a licensed owner to file a new bond
with a satisfactory surety in the same form and amount if:
(1) liability on the old bond is discharged or reduced by judgment
rendered, payment made, or otherwise; or
(2) in the opinion of the commission any surety on the old bond
becomes unsatisfactory.
(g) If a new bond obtained under subsection (e) or (f) is
unsatisfactory, the commission shall cancel the owner's license. If the
new bond is satisfactorily furnished, the commission shall release in
writing the surety on the old bond from any liability accruing after the
effective date of the new bond.
(h) A bond is released on the condition that the licensed owner
remains at the site for which the owner's license is granted for the
lesser of:
(1) five (5) years; or
(2) the date the commission grants a license to another licensed
owner to operate from the site for which the bond was posted.
(i) A licensed owner who does not meet the requirements of
subsection (h) forfeits a bond filed under this section. The proceeds of
a bond that is in default under this subsection are paid to the
commission for the benefit of the local unit from which the riverboat
operated.
(j) The total and aggregate liability of the surety on a bond is limited
to the amount specified in the bond, and the continuous nature of the
bond may in no event be construed as allowing the liability of the
surety under a bond to accumulate for each successive approval period
during which the bond is in force.
(k) A bond filed under this section is released sixty (60) days after:
(1) the time has run under subsection (h); and
(2) a written request is submitted by the licensed owner.