Iowa Code 479B.13 – Financial condition of permittee — bond
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Terms Used In Iowa Code 479B.13
- Board: means the utilities board within the utilities division of the department of commerce. See Iowa Code 479B.2
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Pipeline: means an interstate pipe or pipeline and necessary appurtenances used for the transportation or transmission of hazardous liquids. See Iowa Code 479B.2
- Pipeline company: means a person engaged in or organized for the purpose of owning, operating, or controlling pipelines for the transportation or transmission of any hazardous liquid or underground storage facilities for the underground storage of any hazardous liquid. See Iowa Code 479B.2
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Underground storage: means storage of hazardous liquid in a subsurface stratum or formation of the earth. See Iowa Code 479B.2
Before a permit is granted under this chapter the applicant must satisfy the board that the applicant has property within this state other than pipelines or underground storage facilities, subject to execution of a value in excess of two hundred fifty thousand dollars, or the applicant must file and maintain with the board a surety bond in the penal sum of two hundred fifty thousand dollars with surety approved by the board, conditioned that the applicant will pay any and all damages legally recovered against it growing out of the construction, maintenance, or operation of its pipeline or underground storage facilities in this state. When the pipeline company deposits with the board security satisfactory to the board as a guaranty for the payment of the damages, or furnishes to the board satisfactory proofs of its solvency and financial ability to pay the damages, the pipeline company is relieved of the provisions requiring bond.