§ 800.5. Definitions.
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/us/cfr/t30/s§ 800.5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Surety bond means an indemnity agreement in a sum certain payable to the regulatory authority, executed by the permittee as principal and which is supported by the performance guarantee of a corporation licensed to do business as a surety in the State where the operation is located.
(b)Collateral bond means an indemnity agreement in a sum certain executed by the permittee as principal which is supported by the deposit with the regulatory authority of one or more of the following:
(1)A cash account, which shall be the deposit of cash in one or more federally-insured or equivalently protected accounts, payable only to the regulatory authority upon demand, or the deposit of cash directly with the regulatory authority;
(2)Negotiable bonds of the United States, a State, or a municipality, endorsed to the order of, and placed in the possession of, the regulatory authority;
(3)Negotiable certificates of deposit, made payable or assigned to the regulatory authority and placed in its possession or held by a federally-insured bank;
(4)An irrevocable letter of credit of any bank organized or authorized to transact business in the United States, payable only to the regulatory authority upon presentation;
(5)A perfected, first-lien security interest in real property in favor of the regulatory authority; or
(6)Other investment-grade rated securities having a rating of AAA, AA, or A or an equivalent rating issued by a nationally recognized securities rating service, endorsed to the order of, and placed in the possession of, the regulatory authority.
(c)Self-bond means an indemnity agreement in a sum certain executed by the applicant or by the applicant and any corporate guarantor and made payable to the regulatory authority, with or without separate surety. \[48 FR 32959, July 19, 1983, as amended at 53 FR 997, Jan. 14, 1988; 81 FR 93381, Dec. 20, 2016; 82 FR 54972, Nov. 17, 2017\]
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§ 800.5
Definitions.
Fed. Reg.×19
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