Sec. 05.15.167. Operator's bond.

163 words·~1 min read·/ak/title-5/chapter-15/05-15-167

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The bond or security filed under AS 05.15.122

(b)must be made payable to the department and must be conditioned upon payment of the amounts due to the department and payment of net proceeds due to the authorizing permittee. If the operator fails to make the required payments, the operator forfeits the bond or security to the department.

(b)The amount forfeited under

(a)of this section shall be first used to satisfy delinquent fees, interest, and penalties due the department under this chapter. If the bond or security is not exhausted by payment of delinquent fees, interest, and penalties, the department may use the remaining amount to pay net proceeds due an authorizing permittee. The total amount available for payment of net proceeds shall be prorated among the permittees to whom proceeds are due from that operator.

(c)The operator and the surety shall inform the department if the bond is cancelled or the security is impaired.