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BEFORE THE MINED LAND RECLAMATION BOARD <br />STATE OF COLORADO <br />FINDINGS OF FACT, CONCLUSIONS OF LAW, AND ORDER <br />IN THE MATTER OF THE REQUEST OF FOUR X RANCH, INC. TO ACCEPT A <br />FINANCIAL WARRANTY LETTER OF CREDIT ISSUED BY PREMIER FARM <br />CREDIT, File No. M-2014-033 <br />THIS MATTER came before the Mined Land Reclamation Board ("Board") on <br />April 29, 2015 in Denver, Colorado to consider the request of Four X Ranch, Inc. <br />("Operator") to accept a financial warranty letter of credit issued by Premier Farm <br />Credit, file number M-2014-033. Martin Christensen appeared on behalf of the <br />Operator. Bill Gertner, Vice President of Lending for Premier Farm Credit, appeared <br />on behalf of Premier Farm Credit. Barbara Coria and First Assistant Attorney <br />General Jeff Fugate appeared on behalf of the Division of Reclamation, Mining and <br />Safety ("Division"). <br />The Board, having considered the presentations, the materials presented, <br />and being otherwise fully informed of the facts in the matter, enters the following: <br />FINDINGS OF FACT <br />1. The Operator holds a 112c permit for a 33.2 -acre gravel operation <br />located in the Section 15, Township 5 North, Range 57 West, 6th Principal Meridian <br />in Morgan County, Colorado, permit number M-2014-033. The site is known as the <br />Four X Ranch Gravel Pit. <br />2. The Division has calculated the required financial warranty for <br />reclamation of the site to be $121,600. The Operator requested that the Division <br />and the Board accept a letter of credit issued by Premier Farm Credit for the <br />financial warranty. <br />3. Premier Farm Credit is a borrower -owned lending institution under the <br />Farm Credit Administration ("FCA") and is affiliated with CoBank. Premier Farm <br />Credit is authorized to do business in the United States, is in good standing as rated <br />by FCA, and provided a balance sheet verified by a certified public accountant and <br />issued by Pricewaterhouse Coopers, LLP showing that Premier Farm Credit is in <br />good financial standing and condition, and that the letter of credit does not exceed <br />ten percent (10%) of Premier Farm Credit's capital surplus accounts. <br />