Laserfiche WebLink
~_1-EY-'bG lU:_o ~L':~~ I'i:IJcL~ L.il•U Rc_'~ lEL LJ:,]l9~ c.c.'-ti-UO A1J~ r_-. <br />_3_ <br />(a) The obligation of the Bank shall tonttnue until released 1n <br />• xritinq by the State, xlth the concurrence of OSMRE, In accordance with <br />applicable laws specifying bond release procedures. The parties understand <br />that periods of years may necessarily be required before determination can be <br />made that reclamation work has been satisfactorily completed. Mo revision, <br />extension or renexal of the Operator's mining permit or of the time alioxed <br />the Operator to complete reclamation shall diminish the Bank's obligation <br />under Its Certificate of Deposit. <br />(S) The State may present for payment any Certificate of Deposit held <br />hereunder and convert the same to cash iP the Board or the Division determines, <br />and the OSMRE concurs, that reclamation xhfch ought t0 have been performed by <br />the Prtncipal, or its successors or assigns, remains unperformed. No other <br />condition precedent need be fulfilled to entitle the State to receive the <br />amount of any such certificate. Norever, If upon completion of such <br />reclamation, the amounts expended for reclamation shall be less than the <br />amount received from the BanK, the excess shall be promptly refunded to the <br />Principal. <br />(6> <br />• <br />A. Interest on Certificates of Deposit shall become additional <br />surety ~reunder and shall be evidenced either by replacement tertiflcates 1n <br />the increased anx)unts or by the deposit with the Division oP additional <br />tertiflcates representing the interest. In either event, the amount of this <br />bond x111 be automatically increased Pram time to time by the amount of such <br />Interost. <br />B. Interest on Certificates of Deposit shall not be State or <br />United motes of America funds. Prtncipal steal) be entitled to receive all <br />such interest. <br />(T> Principal may, from time to time, wlthdrax a Certlflcate of <br />Deposit which is Surety hereunder 1f and to the extent that a substitute <br />Certlflcate of Oeposlt 1s slmuttaneously deposited as Surety hereunder in the <br />same amount as the Certlflcate withdrawn. <br />(8) (a) If this bond applies to National Forest System lands, antl 1f <br />this bond is accepted by the United States Forest Service ("U.S.F.S.") as the <br />bond required under 36 C.F.R. 252.13, then, the Principal and the Surety <br />having requested that the State and the U.S.F.S. accept this single band 1n <br />lieu of the separate bonds which would otherwise be required by applicable <br />lax, hereby agree that, notwithstanding any other provision hereof, or of law. <br />this bond shall remain 1n full force and effect until U.S.F.S. has advised the <br />State that the reclamation work has been satisfactorily completed 1n <br />accordance xlth the requirements of applicable Federal tax and regulations. <br />• <br />