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-cl- cnq~lo}•cd to cstal~lisli tl~c desired penn:uiciit vegct:itive cover at tlic very next seasonal opportunity. 1'lie investigative report shall be sulnnitted along with the prescribed course of corrective action prior to the next growing season. B. Bonds. 1. After a surface minurg and reclamation plan ]ias been approved but before a permit is issued, the applicant s}iall file with the _ Board, on a Form supplied by the Board, a performance bond, effective for the life of the permit, payable to tl~e Board, and conditioned upon faithful performance of all the requirements set forth in the permit. 2. the amount of the bond required shall depend upon the reclarml- tion requirements stated in the approved reclamation plan and shall be determined by the Board. Tlic amount of the bond shall be sufficient ~in the event of bond forfeiture so that the State can complete the reclamation plan as indicated in the permit. In additioir, the anrount of the bond shall be sufficient to cover all administration costs which the Board may incur in fulfilling the requirements of that operation. 3. The bond shall be in force throughout the life of the project. 4. 11ic Uaid shall be executed by the operator and a corporate surety licensed to do business in the state of Colorado. • 5. In lieu of such bond, the operator may deposit cash and govern- meiit securities iuith the Board in an amoiurt equal to Lliat of the required bond determined in paragraph 2 of this subsection. 6. My bond required to be filed by the operator by the Act and these rules promulgated thereunder shall not be cancelled by the surety without giving at least sixty (60) days notice to the Board prior to the anniversary date of its intent to limit ex- posure to existing circumstances as of the next anniversary date. 7. If the surety company notifies the Board of its intent to cm~cel the bond in a timely fas]iion, the operator shall, within thirty (30) da}•s after receipt of such notification, provide substitute surety covering tine operations or post cash bond in lieu thereof to take effect upon the cancellation date of the previous surety. 8. If the license to do business in this state of any surety of a bond filed with tlrc Board pursuant to the Act and tl~cse rules promulgated thereunder is suspended or revoked, the operator, within sixty (b0) days of receipt thereof from the Board, shall substitute good and sufficient suret}~ licensed to.do business in this state. If the operator fails to make suds substitutio~i of surety, tl~e board leas the right to suspend t1~e permit of the operator to conduct operations on the land described in such permit until such substitution has been made.