- (a) The Department shall prescribe and furnish forms for filing performance bonds.
- (b) The Department shall prescribe by regulation terms and conditions for performance bonds and insurance.
- (c) The Department shall determine the amount of the bond for each area to be bonded, in accordance with Section 460:30-4-7. The Department shall also adjust the amount as acreage in the permit area is revised, or when other relevant conditions change according to the requirements of Section 460:30-4-8.
- (d) The Department may accept a self-bond if the permittee meets the requirements of Section 460:30-4-13 and any additional requirements in the State or Federal program.
- (e) The Department shall release liability under a bond or bonds in accordance with Section 460:30-4-15.
- (f) If the conditions specified in Section 460:30-4-16 occur, the Department shall take appropriate action to cause all or part of a bond to be forfeited in accordance with procedures of that Section.
- (g) The Department shall require in the permit that adequate bond coverage be in effect at all times. Except as provided in Section 460:30-4-9(e)(2), operating without a bond is a violation of a condition upon which the permit is issued.
Added at 28 Ok Reg 2371, eff 9-11-11