HYDRO29711 - Laserfiche WebLink

Home Browse Search

J'u'.-i7- -_ i_1c ,r.•__ li.lv¢~ ~iia -•~_ _ IG~ i...~_U~ ~_- o_~_ ~_..+~ rJ_ ~ -~- • nn Lrt E.1$, d5 part of tier dypilCdt~On For SUCK re~~lil t, ri ,1i~I~a; ;idi agreed with the State and the United States of America to co~lplete a specified plan (the "Plan") for the reclamatlon, as required by law, of the area or areas of lands disturbed by reason of mining operations. The Plan may be amended from time to time with the approval of the State, acting through the Department of Natural Resources, Mined Land Reclamation Division (the "Division"), or the Board, and the United States. acting through the Department of the Interior Office of Surface Mining Reclamation and Enforcement ("the OSMRE"), The phrase "Beard or Division° in this bond means Chat organ of State government which has the authority to act to the circumstances referred to, and recognizes that the Colorado Surface Coai Mining Reclamation Act <34-33-101 et seg.> confers distinctive and Sometimes different responsibilities upon the Beard and the Division.) NOW, THEREFORE, the conditions of this obligation are such that tf the Principal shall, in conducting such mining and reclamatlon Operations, falthfuily perform the requirements of the Plan, as amended from time to time, and comply with the conditions of the Permit and all app11ca61e laws and regulations of the State, and if the Board or the Division shall make a finding that the lands upon which such operations have been conducted have been satisfactorily reclaimed, and if the OSMRE shall concur with this finding, then the Board or the G1vtslon shall, upon the receipt of a request for a bond release on such lands or a request for partial release as to any portion thereof, and upon the completion of applicable procedures of law and • regulation governing release of bond, release the Principal and the Bank to :he extent that it determines Sucn reclamation to have been accomplished, Additional Provisions (1) Irrevocable letters of credit shall be subject to the following conditions: (a) The letter may only be issued by a bank organized or authorized to do business in the United Stags of America; (b) The letter shall be irrevocable, except prospectively, and then only upon the anniversary date of the letter and upon the giving, to the Division and the principal, of at least ninety days prior notice of the intention to revoke. Letters of credit which have been prospectively revoked shall be forfeited and collected by the Division if not replaced by other suitable bond at Least 30 days prior to the expiration date of the letter. (c> The letter must be payable to the State of Colorado and the United States of America in part or to cull upon demand and receipt from the Division of a notice of forfet*_ure issued in accordance with the law. Upon termination of the Cooperative Agreement entered into betwen th State of Colorado and the Department of the Interior, all bonds shall revert to being payable only to the United States (OSMRE) to the extent that Federal lands nre involved. • (d) The Division will not accept a letter of credit in excess of 10 percent of the bank's capltai surplus account as shown on a recent balance sheet certified by a Certified Public Accountant.