Sec. 3. Each blanket bond for wells created, modified, or acquired during the duration of a bond that was accepted by the commission before March 11, 1971, must be replaced by a new blanket bond in the amount of thirty thousand dollars ($30,000) before January 2, 2002. The new replacement bond remains in effect until: (1) the: (A) owner or operator plugs and abandons each well covered under the blanket bond in accordance with: (i) this article; and (ii) rules adopted under this article; and (B) bond is released by the department; or (2) a substitute bond is accepted by the department for each well secured by the blanket bond. [Pre-1995 Recodification Citation: 13-8-8-3.]
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