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into a Section 112 Reclamation Permit. The conversion application sought to increase the <br />permitted area from 9.9 acres to 341 acres. The conversion application was approved by <br />the Division on March 15, 2005, and the bond was set at $327,000.00. No objections were <br />filed during the public comment period. <br />3. Construction Materials Rule 4.1(2) requires an applicant to submit financial warranties <br />within one year of permit approval. If financial warranties are not received within one <br />year, the Board must hold a hearing to reconsider the previous permit approval. <br />4. On March 9, 2006, the Applicant submitted an Irrevocable Letter of Credit ("LC") to the <br />Division to satisfy its financial warranty obligation.' The Division determined that the LC <br />was inadequate, and so informed the Applicant in a letter dated March 14, 2006. <br />The deadline for submission of the financial warranty was March 15, 2006. <br />6. On March 27, 2006, the Division received the corrected financial warranty for the site, past <br />the financial warranty due date. <br />On Apri126, 2006, the Division sent a notice of reconsideration of the conversion <br />application to the Applicant. The Applicant sought reconsideration ofthe Division <br />decision, but did not appeal the Division's subsequent affirmation of the decision to hold a <br />hearing on the matter pursuant to Construction Materials Rule 4.1(2). <br />8. The Applicant published a new public notice in a newspaper of general circulation in the <br />area (the Steamboat Pilot) pursuant to Construction Materials Rule 1.6 and received timely <br />public comments from interested persons in the area. <br />9. The Division recommends continuing this matter until the September 13-14, 2006 meeting <br />of the MLRB and adopting the schedule attached hereto as Exhibit A. <br />~: <br />King Mountain Gravel, LLC 2 j ~ I <br />M-1978-314 <br />