§ 17-30483. Standards for Forfeiture of the Performance Bond.

Latest version.

(a) The performance bond posted pursuant to Section 30481 shall be forfeited upon:
(1) Declaration of insolvency or voluntary reorganization under the bankruptcy laws, or
(2) Failure to maintain the promised schedule and such failure is not the result of an act of God or Departmentally caused delay and the license designee cannot provide assurance that this delay will be remedied without jeopardizing the overall project schedule.
(3) Failure to comply with requirements of this group, or
(4) Failure to pay the performance bond premium 30 days prior to its expiration.
(b) Upon the issuance of the operating license the licensee shall be relieved of its obligation to maintain the performance bond.

Note

Note: Authority cited: Sections 208 and 25812.5(f), Health and Safety Code. Reference: Section 25812.5(f), Health and Safety Code.

                    
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