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Mr. Fred R. Banta <br />February 5, 1986 <br />Page 5 <br />DRAFT <br />work and upon CMLRD's determination that work <br />is completed in accordance with the <br />reclamation plan, CMLRD will release a <br />portion of the bond to the Contractor to <br />provide payment. 1 \ <br />It is anticipated that contractors will <br />request monthly payments for work performed <br />during the Project. The Company and CMLRD <br />agree to accommodate this payment schedule to <br />the extent allowable under the Colorado <br />Surface Coal Mining Act and the federal <br />Bankruptcy Code. <br />The current bond amount of $346,000 shall be <br />used to calculate monies eligible for release <br />as reclamation work proceeds. <br />The Company will obtain Bankruptcy Court <br />approval, if required, for disbursal of funds <br />pursuant to this Agreement. <br />7. Contractors. The Company anticipates hiring <br />contractors to complete the reclamation of <br />Colorado Coal Mine No. 1. A contract will be <br />executed between the Company, CMLRD and the <br />contractor(s) in substantially the form attached <br />hereto as Attachment C. Copies of the executed <br />contract will be furnished to CMLRD. <br />A performance bond will be required of each <br />contractor to guarantee completion of work in <br />substantially the form attached hereto as <br />Attachment D. <br />8. Permit Revision. The Company and CMLRD recognize <br />and agree that the existing permit will require <br />revision upon completion of the reclamation work <br />pursuant to this Agreement. The Company agrees to <br />revise the permit to reflect any outstanding <br />reclamation liabilities following completion of <br />the work set forth in this Agreement. <br />