Section 173-360-423. Surety bond.

(1) An owner or operator may satisfy the requirements of WAC 173-360-406 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 latest Circular 570 of the U.S. Department of the Treasury.

(2) The surety bond shall be worded as set forth in WAC 173-360-483, except that instructions in brackets shall be replaced with the relevant information and the brackets deleted.

(3) Under the terms of the bond, the surety will 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.

(4) The owner or operator who uses a surety bond to satisfy the requirements of WAC 173-360-406 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 will be deposited directly into the standby trust fund in accordance with instructions from the director under WAC 173-360-453. This standby trust fund shall meet the requirements specified in WAC 173-360-436.

[Statutory Authority: Chapter 90.76 RCW. WSR 90-24-017, § 173-360-423, filed 11/28/90, effective 12/29/90.]

Chapter 90.76 RCW. WSR 90-24-017, § 173-360-423, filed 11/28/90, effective 12/29/90.

Rules

173-360-406,173-360-483,173-360-406,173-360-453,173-360-436,