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Materials, Article 32.5 of Title 34, C.R.S. (2023) ("Act") for failure to maintain the <br /> proper financial warranty. The Division's letter provided notice regarding the <br /> alleged violations and information about the July 17, 2024 hearing. <br /> 5. At the hearing, the Division presented testimony regarding its efforts <br /> with Operator to confirm renewal of the letter of credit with the bank and the <br /> bank's delays in doing so. <br /> 6. Operator also presented testimony regarding its efforts to work with <br /> the Division and the reasons for the bank's initial refusal to renew the letter of <br /> credit. Operator stated that the issues with the bank that led to its decision to <br /> revoke the letter of credit had been remedied. The Operator had provided the <br /> Division with correspondence with the bank indicating that the letter of credit had <br /> been renewed, but the bank has not provided the Division with confirmation of the <br /> renewal. <br /> CONCLUSIONS OF LAW <br /> 7. The Board has jurisdiction over this matter pursuant to the Act. <br /> 8. Under section 34-32.5-117(6)(a), C.R.S. and Rule 4.1(7), every operator <br /> must maintain a financial warranty in good standing for the entire life of a permit. <br /> The Operator failed to maintain a financial warranty for the life of permit number <br /> M-2004-030 in violation of section 34-32.5-117(6)(a), C.R.S. <br /> 9. The Board may find a financial warranty subject to forfeiture where <br /> an Operator failed to cure a default under a performance warranty despite <br /> written notice of the default and ample time to cure such default or where an <br /> Operator failed to maintain a financial warranty in good standing. § 34-32.5- <br /> 118(1)(b) and (c), C.R.S. (2023). Operator's violation of provisions of the Act <br /> Rules by failing to maintain a financial warranty in good standing as required by <br /> section 34-32.5-117 and the permit constitute Operator's default under its <br /> performance warranty. Operator defaulted on its performance warranty, <br /> received written notice of the default, and failed to cure such default. <br /> 10. The Board may issue a cease-and-desist order when it determines that <br /> a provision of the Act has been violated. § 34-32.5-124(2), C.R.S. (2024). The <br /> Operator violated section 34-32.5-117(6)(a), C.R.S. <br /> 11. The Board may impose a civil penalty of not less than $100 per day nor <br /> more than $1,000 per day for each day during which a violation occurs. § 34-32.5- <br /> 124(7), C.R.S. (2023). Here, the Board may impose a penalty based on 34 days of <br /> violation for a civil penalty of$3,400 to $34,000. <br /> T Bone Stone, Inc. <br /> M-2004-030 <br /> W-2024-013 2 <br />