Ariz. Admin. Code § R18-12-308 - Surety Bond
A. Owners and
operators may satisfy the requirements of
R18-12-303 by obtaining a surety
bond that conforms to the requirements of this Section. The surety company
issuing the bond shall be among those listed as acceptable sureties on federal
bonds in the most recent Circular 570 of the U.S. Department of the
Treasury.
B. The surety bond shall
be worded as provided in
40
CFR 280.98(b), amended as of
October 13, 2015, except that instructions in brackets shall be replaced with
the relevant information and the brackets deleted.
C. Under the terms of the bond, the surety
shall become liable on the bond obligation when the owner or operator fails to
perform as guaranteed by the bond. In all cases, the surety's liability is
limited to the per-occurrence and annual aggregate penal sums.
D. Owners and operators who use a surety bond
to satisfy the requirements of
R18-12-303 shall establish a
standby trust fund when the surety bond is acquired. Under the terms of the
bond, all amounts paid by the surety under the bond shall be deposited directly
into the standby trust fund in accordance with instructions from the Director
under R18-12-322 . This standby trust
fund shall meet the requirements specified in
R18-12-313.
Notes
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