REV01800 - Laserfiche WebLink

Home Browse Search

-3- (4) The Bank shall hold a safekeeping receipt on behalf of racitic Bas,n xe=_ources until released in writing by the State, with the concurrence of OSMRE, in accordance with applicable laws specifying bond release procedures. The parties understand that periods of years may necessarily be required before determination can be made that reclamation work has been satisfactorily completed. The Bank shall have no obligation' to determine whether applicable laws specifying bond release procedures have been met. (5) The State may present for payment any U.S. Treasury Note held hereunder and convert the same to cash if the Board or the Division determines, and the OSMRE concurs, that reclamation which ought to have been performed by the Principal, or its successors or assigns, remains unperformed. No other condition precedent need be fulfilled to entitle the State to receive the amount of any such treasury note. However, if upon completion of such reclamation, the amounts expended for reclamation shall be less than the amount received from the Bank, the excess shall be promptly refunded to the Principal. (6) Interest on U.S. Treasury Motes - Check A or B below, whichever is applicable. A. Interest o~ U.S. Treasury Note shall become additional surety hereunder and shall be evidenced either by replacement treasury notes in the increased amounts or by the deposit with the Division of additional treasury notes representing the interest. In either event, the amount of this bond will be automatically increased from time to time by the amount of such interest. B. Interest on U.S. Treasury Notes shall not be State or United States f America funds. Principal shall be entitled to receive all such interest. (7) Principal may, from time to time, withdraw a U.S. Treasury Note which is Surety hereunder if and to the extent that a substitute U.S. Treasury Note is simultaneously deposited as Surety hereunder in the same amount as the Treasury Note withdrawn. <8> (a) If this bond applies to National Forest System lands, and if this bond is accepted by the United States Forest Service ("U.S.F.S.") as the bond required under 36 C.F.R. 252.13, then, the Principal and the Surety having requested that the State and the U.S.F.S. accept this single bond in lieu of the separate bonds which xould otherwise be required by applicable law, hereby agree that, notwithstanding any other provision hereof, or of law, this bond shall remain in full force and effect until U.S.F.S. has advised the State that the reclamation work has been satisfactorily completed in accordance with the requirements of applicable Federal law and regulations.