This text of Indiana § 4-33-6.5-6 (Bond) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)An operating agent must post a bond with
the commission at least sixty (60) days before the commencement of
regular riverboat operations in the historic hotel district.
(b)The bond must 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 operating agent.
(d)The bond:
(1)is subject to the approval of the commission;
(2)must be in an amount that the commission determines w
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(a) An operating agent must post a bond with
the commission at least sixty (60) days before the commencement of
regular riverboat operations in the historic hotel district.
(b) The bond must 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 operating agent.
(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 riverboat's financial obligations to the local
community, the state, and other aggrieved parties, as determined
by the rules of the commission.
Any bond proceeds remaining after the payments shall be deposited in
the West Baden Springs historic hotel preservation and maintenance
fund established by IC 36-7-11.5-11.
(e) If after a hearing (after at least five (5) days written notice) the
commission determines that the amount of an operating agent's bond
is insufficient, the operating agent shall, upon written demand of the
commission, file a new bond.
(f) The commission may require an operating agent 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 operating agent's
contract. 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 operating agent
remains at the site of the riverboat operating within the historic hotel
district:
(1) for five (5) years; or
(2) until the date the commission enters into a contract with
another operating agent to operate from the site for which the
bond was posted;
whichever occurs first.
(i) An operating agent 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 and used in the same manner as specified in subsection
(d).
(j) The total liability of the surety on a bond is limited to the amount
specified in the bond, and the continuous nature of the bond may not
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 specified under subsection (h); and
(2) a written request is submitted by the operating agent.