TITLE 62: MINING
CHAPTER I: DEPARTMENT OF NATURAL RESOURCES
PART 240 THE ILLINOIS OIL AND GAS ACT
SECTION 240.1510 DEFINITIONS
Section 240.1510 Definitions
a) Bond means surety bond or other security in lieu thereof.
b) Surety bond means an indemnity agreement in a sum certain payable to the Department, executed by the permittee as principal and which is supported by the guarantee of a corporation authorized to transact business as a surety in Illinois. Surety bond does not include surplus line insurance procured by a surplus line producer.
c) Other security means an indemnity agreement in a sum certain executed by the permittee as principal which is supported by the deposit with the Department of one or more of the following:
1) An irrevocable letter of credit of any bank organized or authorized to transact business in Illinois, payable only to the Department upon presentation;
2) Certificates of deposit, drawn on a federally insured bank, made payable or assigned to the Department and placed in its possession.
(Source: Amended at 22 Ill. Reg. 22314, effective December 14, 1998)