Sec. 5. (a) A written guarantee accepted under this section is referred to as a "corporate guarantee".
(b) The director may accept a corporate guarantee for an applicant's self-bond from a corporate guarantor if, at the time the self-bond is accepted, the following conditions are met:
(1) The guarantee is in writing.
(2) The applicant satisfies the requirements of section 4(d)(1), 4(d)(2), and 4(d)(8) of this chapter.
(3) The guarantor meets the conditions imposed upon an applicant under section 4 of this chapter.
(c) The terms of a corporate guarantee must provide for the following:
(1) If the applicant fails to complete the reclamation plan, the guarantor shall complete the reclamation plan or the guarantor is liable under the indemnity agreement to provide money to the department sufficient to complete the reclamation plan, but not to exceed the bond amount.
(2) The corporate guarantee remains in force unless:
(A) the guarantor sends notice of cancellation by certified mail to:
(i) the applicant; and
(ii) the director;
at least ninety (90) days before the cancellation date; and
(B) the director accepts the cancellation.
(3) A notice of cancellation of a corporate guarantee may be accepted by the director if:
(A) the applicant obtains a suitable replacement bond allowed under IC 13-4.1-6 (before its repeal) or IC 14-34-6 before the cancellation date; or
(B) the land or parts of the land for which the self-bond was accepted have not been disturbed.
[Pre-1995 Recodification Citation: 13-4.1-6.3-9.]
As added by P.L.1-1995, SEC.27. Amended by P.L.176-1995, SEC.15.
Structure Indiana Code
Title 14. Natural and Cultural Resources
Article 34. Surface Coal Mining and Reclamation
14-34-7-0.5. "Collateral" Defined
14-34-7-0.6. "Comparative Balance Sheet" Defined
14-34-7-0.7. "Comparative Income Statement" Defined
14-34-7-1. "Liabilities" Defined
14-34-7-2. "Net Worth" Defined
14-34-7-2.5. "Surface Mining Control and Reclamation Act" Defined
14-34-7-3. "Tangible Net Worth" Defined
14-34-7-4. "Current Assets" Defined
14-34-7-4.1. Method of Replacement of Self-Bonds
14-34-7-5. "Corporate Guarantee" Defined
14-34-7-6. Self-Bond or Corporate Guarantee; Percentage of Net Worth
14-34-7-7. Indemnity Agreement
14-34-7-7.1. Collateral and Indemnity Agreement to Support Self-Bond Application
14-34-7-8. Updated Information for Self-Bond or Corporate Guarantee
14-34-7-9. Change in Financial Condition
14-34-7-10. Report of Public Accounting Consultant
14-34-7-11. Incremental Self-Bonds; Coverage of Deferred Grading Areas
14-34-7-12. Alternate Forms of Self-Bonds; Monitoring of Reclamation