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• III III III III IIII III • <br /> 999 <br /> STATE OF COLORADO <br /> DIVISION OF MINERALS AND GEOLOGY <br /> Department of Natural Resources �eoFco�i <br /> 1313 Sherman St.,Room 215 <br /> .� <br /> Denver,CO 80203 <br /> Phone:(303)866-3567 <br /> FAX:(303)832 8106 <br /> Roy Romer <br /> January 6, 1993 Governor <br /> Michael B.Long <br /> Mr. Augustine DeHerrera Division Direcior <br /> P.O. Box 726 <br /> Antonito, Colorado 81120 <br /> Re: Financial Warranty, Succession of Operator and Transfer of' Permit, <br /> La Florida Pit, Permit No. M-87-097 <br /> Dear Mr. DeHerrera: <br /> This Division is in receipt of the reclamation bond you recently submitted in <br /> conjunction with the above captioned permit transfer. In reviewing this <br /> reclamation bond, it has been found unacceptable for the following reasons: <br /> 1 . In paragraph 3 of Irrevocable Letter of Credit No. 763, the operator' s <br /> name needs to be corrected to read "Augustine DeHerrera" in lieu of "La <br /> Florida Gravel Pit Company". <br /> 2. It is not clear that this letter of credit is automatically renewable. <br /> It states the automatically renewable clause in paragraph 4, yet in <br /> paragraph 6 is states "Drafts must be drawn and negotiated not later than <br /> August 20, 1993" (changed to October 31 , 1993 by amendment) . This <br /> sentence should be eliminated. Also, it should be clearly stated that <br /> the "Initial Expiration date is October 31 , 1993" to be consistance with <br /> the "language in the cancellation clause. <br /> Enclosed is a sample of the language required on a letter of credit. We ask <br /> that the bank not deviated from this language. In addition, the bank needs to <br /> provide a balance sheet certified by a Certified Public Accountant. Generally, <br /> this is available in the bank' s annual report. This is to demonstrate that <br /> the letter of credit in not in excess of 10 percent of the bank' s capital <br /> surplus account. <br /> I am returning Letter of Credit No. 763 to be re-issued or amended as per the <br /> above. If you have any questions , please let me know. <br /> Sincerely, <br /> 7 � )2 <br /> Deborah L. Mulloy <br /> Staff Assistant <br /> DLM/dlm <br /> enclosure <br /> CERTIFIED MAIL NO. P 860 170 809 <br /> Return Receipt Requested <br /> 5820F <br /> I <br />