Section 86.166. Replacement of bonds

(a) The Department may allow permittees to replace existing surety or collateral bonds with other surety or collateral bonds, if the liability which as accrued against the permittee on the permit area is transferred to the replacement bonds and the replacement bonds are equivalent.

(b) The Department will not release existing bonds until the permittee has submitted and the Department has approved acceptable replacement bonds. A replacement of bonds pursuant to this section does not constitute a release of bond under § § 86.170—86.172 (relating to scope; procedures for seeking release of bond; and criteria for release of bond).

(c) The Department will not allow permittees to replace existing surety or collateral bonds with phased deposits of collateral bonds unless the first payment is equal to the bond being replaced and meets the requirements of § 86.161 (relating to phased deposits of collateral).

The provisions of this § 86.166 adopted December 19, 1980, 10 Pa.B. 4789, effective July 31, 1982, 12 Pa.B. 2382; amended July 30, 1982, 12 Pa.B. 2473, effective July 31, 1982, 12 Pa.B. 2382; amended May 11, 1990, effective upon publication of notice in the Pennsylvania Bulletin that the amendments have been approved by the OSM, 20 Pa.B. 2517; amended June 15, 1990, 20 Pa.B. 3383, effective July 27, 1991, 21 Pa.B. 3316. Immediately preceding text appears at serial page (148559).

Notation

Cross References

This section cited in 25 Pa. Code § 86.155 (relating to scope).