Current through Register Vol. 54, No. 49, December 7, 2024
Section 78a.303 - Form, terms and conditions of the bond(a) The following types of security are approvable: (1) A surety bond as provided in § 78a.304 (relating to terms and conditions for surety bonds).(2) A collateral bond as provided in §§ 78a.305-78a.308.(b) A person submitting a bond shall comply with the Department guidelines establishing minimum criteria for execution and completion of the bond forms and related documents.(c) A bond shall be conditioned upon compliance with the drilling, water supply replacement, restoration and plugging requirements in the act, this chapter and permit conditions relating thereto. The bonds are penal in nature and are designed to ensure compliance by the operator to protect the environment, public health and safety affected by the oil and gas well.(d) The person named in the bond or other security shall be the same as the person named in the permit.