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ROCKCASTLE/CMLRD <br />DRAFT AGREEMENT <br />5/30/90 <br />than $446,680. <br />2. The Division and Rockcastle agree that the reduction in <br />bond amount shall be based upon the Division's bonding calculations <br />dated _, 1989 except as otherwise provided for <br />herein. A copy of these calculations are attached as Attachment <br />B to this Agreement and incorporated by this reference. <br />a. The amount of bond released for material returned to <br />Pit 4 will be determined as follows: <br />(1) The Division will reduce the bond amount by <br />multiplying the amount of overburden or topsoil returned to Pit 4 <br />in cubic yards as determined by an independent contractor by the <br />"per yard amount" defined in § V(2)(a)(2). <br />(2) The Division and Rockcastle agree that the "per <br />yard amount" is $1.00 per cubic yard. This amount is determined <br />by subtracting the costs of revegetation from the $572,000 bond <br />amount and dividing the remaining amount ($531,720) by the <br />estimated number of cubic yards of overburden and topsoil material <br />(approx. 542,000 yd.') to be returned to Pit 4. This amount <br />includes the associated administrative costs contained in the <br />Division's bonding calculations. <br />VI. CONVERSION OF CURRENT RECLAMATION BOND -- Prior to commencing <br />reclamation activities under this Agreement, Rockcastle shall <br />convert its current $446,680 reclamation bond from a letter of <br />credit to a collateral bond in the form of cash, negotiable bonds <br />or certificates of deposit in a form acceptable to the Division <br />pursuant to 2 CCR 407-2 Rule 3.02.4(2)(c). <br />-7- <br />