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<br />I <br />I <br />I <br /> <br />I <br /> <br />of bringing in personnel and equipment to accom- <br />plish any unperformed purposes of the financial <br />guarantee. The permit authority shall consider <br />the duration of the development or activity and <br />compute a reasonable projection of increases due <br />to inflation. The permit authority may require, <br />as a condition of the permit, that the financial <br />security shall be adjusted upon receipt of bids. <br /> <br />I <br />I <br /> <br />(5) At least ten percent (10%) of the amount of the <br />financial guarantee shall be in cash deposited <br />with this jurisdiction's treasurer and shall be <br />placed in an earmarked escrow account mutually <br />agreeable to the governing body and the applicant. <br /> <br />I <br />I <br /> <br />(6) The financial guarantee may be released only when: <br /> <br />(a) The permit has been surrendered to the permit <br />authority before commencement of any physical <br />activity on the site of the permitted develop- <br />ment or activity. <br /> <br />I <br />I <br />I <br /> <br />(b) The development or activity has been aban- <br />doned and the site thereof has been returned <br />to its original condition or to a condition <br />acceptable to this jurisdiction in accordance <br />with standards adopted by this jurisdiction <br />for the matter of state interest for which <br />the permit is being granted. <br /> <br />I <br />I <br /> <br />(c) The project has been sa~isfactorily completed, or <br /> <br />(d) Applicable guaranteed conditions have been <br />satisfied. <br /> <br />I <br />I <br /> <br />(7) Any security may be cancelled by a surety only upon <br />receipt of the permit authority's written consent <br />which may be granted only when such cancellation <br />will not detract from the purposes of the security. <br /> <br />I <br /> <br />(8) If the license to do business in Colorado of any <br />surety upon a security filed pursuant to this regu- <br />lation is suspended or revoked by any state authority, <br />then the applicant or permittee, within sixty (60) <br />days after receiving notice thereof, shall substitute <br />a good and sufficient surety licensed to do business <br />in the state. Upon failure of thc permittee to make <br />substitution of surety within the time allowed, the <br />permit authority shall suspend the permit until pro- <br />per substitution has been made. <br /> <br />I <br /> <br />I <br />I <br /> <br />-18- <br />