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<br />Page 103 <br />Construction Materials Rule 4 <br />(2) If the Office decision to release a Permittee from reclamation <br />liabr7ity is reversed by the Board on appeal, all outstanding obligations under the <br />permit, the financial warranty, and the performance warranty shall remain in <br />effect. <br />tts 4.19 FORFEITURE OF FINANCIAL WARRANTY <br />us(t) (1) AFinancial Warranty shall be subject to forfeiture whenever the <br />Boazd shall determine at a hearing that any one or more of the following <br />circumstances exist: <br />tts(t)(a) (a) the Operator has violated a Cease and Desist order <br />entered pursuant to Section 34-32.5-124, C.R.S. 1984, as amended, <br />and, if corrective action was proposed in such order, has failed to <br />complete such corrective action although ample time to have done so <br />has elapsed; or <br />na(t)(~> (b) the Operator is in default under the Performance <br />Warranty and has failed to cure such default although they have been <br />given written notice thereof and has had ample time to cure such <br />default; <br />tts(t)(c) (c) the Financial Warrantor has failed to maintain the <br />Financial Warranty in good standing as required by Section <br />34-32.5-117, C.R.S. 1984, as amended; or <br />us(t)~d) (d) the Financial Warrantor no longer has the financial ability <br />to carry out the obligations under the Act. <br />ua(2) (2) Whenever the Boazd, based on information and belief, has reason <br />to believe that a Financial Warranty is subject to forfeiture, the Board shall so <br />notify the Operator and all Financial Warrantors. The Boazd shall afford the <br />Operator and all Financial Warrantors the right to appeaz before the Board at <br />a heazing to be held not less than thirty (30) days after the parties' receipt of <br />said Notice. <br />118(3)(a) (3) At any,such hearing, the Boazd-shall be empowered to: <br /> <br />