(a) Before a lease may be issued, one of the following forms of lease bond shall be furnished:
- (1) Corporate surety bonds;
- (2) Cash bond; or
- (3) Personal lease bonds secured by negotiable U.S. bonds of a par value equal to the amount of the required surety bond, together with a power of attorney executed on a form approved by the Director.
- (b) The applicant or bidder shall file the lease bond in the proper office within 30 days of receiving notice. The lease bond shall be furnished on a form approved by the Director.
- (c) The bonding obligation for a new lease may be met by an adjustment to an existing LMU bond covering the other leases within the same LMU.
[44 FR 42643, July 19, 1979, as amended at 47 FR 33151, July 30, 1982]