332-12-340  <<  332-12-350 >>   332-12-360

WAC 332-12-350

Performance security.

The lessee shall file a corporate surety bond, cash bond, savings account assignment or other security satisfactory to the department in an amount determined by the department to be sufficient to guarantee performance of the terms and conditions of the lease. Such security shall be submitted prior to the beginning of operations or applying for a drilling permit. Such security shall not be less than ten thousand dollars. The lessee shall promptly advise the department of any changes in operation. The department may reduce or increase the amount of the security as a result of operational changes requiring different levels of performance. The department may allow a lessee to file a single security device, acceptable to the state, in an amount set by the department covering all of the lessee's state leases.
[Statutory Authority: RCW 79.14.120. WSR 82-23-053 (Order 387), ยง 332-12-350, filed 11/16/82.]
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