5.10.150 Performance bond.
(1) Unless waived in writing by the department in accordance with this chapter, the lessee shall obtain a satisfactory performance bond in an amount sufficient to secure the contractual obligations of the lease. Such bond shall be for the purpose of securing the lessee’s contractual obligations under the business site lease and may guarantee:
(a) The annual lease payment;
(b) The estimated development cost of improvements and removal, if applicable; and
(c) Any additional amount necessary to ensure compliance with the lease.
(2) The department may waive the bond requirement, or reduce the amount, if doing so is in the best interest of the tribe. The department shall maintain written records of waivers and reductions.
(3) The performance bond may be in one of the following forms:
(a) Certificates of deposit issued by a federally insured financial institution authorized to do business in the United States;
(b) Irrevocable letters of credit issued by a federally insured financial institution authorized to do business in the United States;
(c) Negotiable Treasury securities; or
(d) Surety bond issued by a company approved by the U.S. Department of the Treasury. [Ord. 05-31-2018-B § 2(22.03.100), 2018.]