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<br />Letter of Agreement ~~ <br />Between the <br />Colorado Mined Land Reclamation Division <br />and <br />The First National Bank of Florence <br />I. Introduction <br />The First National Bank of Florence (the Bank) and the Colorado Division of <br />Mined Land Reclamation (the Division) hereby enter into the following <br />agreement with regard to reclamation of the La Plata No. 1 Mine. The course <br />of events leading to this Letter of Agreement began on May 1, 1989 when the <br />Mined Land Reclamation Board (the Board) revoked Permit C-87-072 held by <br />La Plata Coal Corporation and ordered the reclamation bond to be forfeited <br />unless a complete coal permit application was received by the Division by <br />July 1, 1989. Such application was not received, and the Division initiated <br />bond forfeiture proceedings. Subsequently, the Bank, which had issued the <br />letter of credit for the reclamation bond, requested an opportunity to perform <br />the reclamation in lieu of forfeiting the Bond. Pursuant to Rule 3.OS.2(5) of <br />the Coal Regulations, bond forfeiture proceedings were suspended to allow the <br />Bank an opportunity to demonstrate an ability to complete the reclamation plan. <br />The reclamation plan will be completed by the Bank in compliance with the <br />conditions and timetables set forth below. Violation of any of the timetables <br />or conditions will constitute sufficient reason for the Division to proceed <br />with collection of all or part of the forfeited bond amount as necessary to <br />complete the reclamation plan. <br />II. Conditions <br />A. Demolition and removal of surface facilities, structures, equipment <br />and non-coal waste will be conducted in compliance with the <br />approved reclamation plan contained in permit C-87-072 and the <br />December 1, 1989 letter from Mr. W.D. Lamoreux of the Bank to the <br />Division (Attachment 1). Demolition and site clean-up work will be <br />initiated no later than May 1, 1990 and completed no later than <br />June 1, 1940. <br />Permanent sealing and ba~kfilling of the manway portal, the belt <br />portal and the fan portal will be conducted in compliance with the <br />approved reclamation plan contained in permit C-87-072. Clean up, <br />compaction and burial of coaly material and underground development <br />waste material will be conducted in compliance with the approved <br />reclamation plan contained in permit C-87-072 and as further <br />described in the above-referenced December 1, 1989 letter <br />(Attachment 1). Portal sealing and clean-up and burial of coaly <br />material and underground development waste will be initiated no <br />later than June 1, 1990 and completed no later than July 1, 1990. <br />