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.; <br /> <br />Duane Woodard <br />Attorney General <br />Charles B. Howe <br />Chief Deputy Attorney General <br />Richard H. Forman <br />Solicitor General <br />999 <br />Q~ 9 <br />y O <br />~~ <br />+s lg T6 <br />ulrr ~ttttr of C~nlnrtt~n <br />DEPARTMENT OF LAW <br />OFFICE OF THE ATTORNEY GENERAL <br />January 2, 1991 <br />M E M O R A N D U M <br />TO: Dan Mathews <br />Coal Program Supervisor <br />FROM: Frank Johnson <br />Assistant Attorn General <br />Natural Resour s Section <br /> <br /> <br />JAN Q v i~;^1 <br />Mined Land <br />Reclamation Division <br />STATE SERVICES BUILDING <br />1525 Sherman Street <br />Denver, Colorado 80203 <br />Phone 866-3611 8 866-3621 <br />FAX (303) 866-5001 <br />RE: Draft on Standby Letter of Credit for Coal Gulch Mine <br />This memorandum responds to your question of whether the Board <br />must make a request to the Company to pay the amount of the <br />reclamation bond before issuing a sight draft on the letter of <br />credit. Apparently, the Board must do so. <br />The Bank's obligation is controlled by the letter of credit <br />rather than the Coal Reclamation Hond for Use with Letter of <br />Credit. Therefore, the Board must comply with the conditions <br />contained in the letter of credit before issuing its sight draft. <br />In order to comply with the terms of this condition James Cooley, <br />as chairman of the Board, should make a demand on Peerless <br />Resources, Inc. before issuing its sight draft. I have drafted <br />the attached demand letter for your consideration. <br />AG File No. EHI9000922 <br />