2004-07-19_REVISION - M1994096 - Laserfiche WebLink

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Jul 19 04 09:39a Randolph W. Starr v7~1tll YD09 05: SD FAR 970 597 1707 PITTINGTON 970 669 3841 -a- ofthe Aa end all applicable rules aad regulatioas of the Board, es tunendod from tithe ro timc. t~joos p.8 WHEREAS, in its application for the pemtit, the Operator has agcoed with the Board to provide for reclamation of the Affected Lands that are rww, or may became, suLyect to the permit, as required by law. WHEREAS, the Board has der®inad, in accotdanc$ with the Act, that the estimated cysts ofreclattaadon of the Affected Lands ate !hose amounts for the stated periods of time as set forth herein Said amount maybe amerded from rime ro time to reflect revised estimates of said costs of reelarnation. WHEREAS, The Operator, in accordance with the Act, has promised and hereby promises the Board that it will be respottsible for all of the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determinal that the Financial Waaamryby theOpcratoretprals theestimatedaosts of reclamation, as apptvved by the Bomd, widr regard to dte Affected Lands. WHEREAS, as proof of its financial respomibility, the orator has proceeded pursuant to Section 34-32-t 17(3)(a)(II) of the Act and has moused rho l,k,+'~' Bank of ~ ~t~\\iti~S _., State of ~ ~ (tha "Bank") to issue its h7evoeable Letter of Credit No. - - o1t~3 payable to theBoard is the amount of GO -Uolla•s ($ 1 o i ~t:7(7 . o0 1 for the period from through ul. ~andltasddivaedittotheEeard to be he by the Board as proof of the Operator's fi "al responsibility under this fituvtcial warranty. The Bank is notaparry to this agreement; its obligations are set forth in its LetterofCrodit Nothirg in this Financial Watraney dirthtishes or qualities Ute Batdc's obligation under its 7..etter of Credit NOW THEREFORE, the t7peraror is heW hereby rumty unro the State ofCotorado in the amount ofthoae sums for those periods of time as set forth herein, until this fmancial warranty is amended or released in accordauce with applicable law. The Board may, far good cause shown, increase or decrease the amount and duration of this 6naneial warranty. The Operator shay have aixtq (60) days aRer rho date of notice ofany such adjt*stmeotto fulfill all new requitetrtents. The Operator shall notify the Board immediately of any event which taay impair this Snancial wartaoty. Additionally, the Warrantor reserves the rigkrt to caned this Fi~tcisl Warranty, effective only upon an amrivetsary date, and only by givigg written notice to the effect. mailed by Certified Mail, at least ninny (9Dj days prior to such anniversary date, addressed ro both the operator at its address herein stated, and to the Boatel or Division at the address herein slated If the Board receives such notice, or otherwise bas reason to believe that this Financial Warrarrtyhasbeenmatuiallyiropaired.itmaywnveneahearinginact:oodanawiththaActforthe Purpose of determining whether impa'ument has occurred. No misrepresentation by the Operator which may have induced the Bank to deliver its Letter ofCredit shall be any defense to any drab by the State under such Letter of Credit.