Before any permit isgranted under this chapter the applicant must satisfy the commission that the applicant has property within this state other than pipelines, subject to execution of a value in excess of two hundred fifty thousand dollars, or the applicant must fileand maintain with the commission a surety bond in the penal sum of two hundred fifty thousand dollars with surety approved by the commission, conditioned that the applicant will pay any and alldamages legally recovered against it growing out of the construction or operation of its pipeline and gas storage facilities in the state of Iowa. When the pipeline company deposits with the commission security satisfactory to the commission as a guaranty for the payment of the damages, or furnishes tothe commission satisfactory proofs of its solvency and financial abilityto pay the damages, the pipeline company isrelieved of the provisions requiring bond.
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