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~~ <br />6. In April 1990 the Division was notified by the Fed- <br />eral Deposit Insurance Corporation ("FDIC") that the bank upon <br />which PCI had drawn the letter of credit submitted as a recla- <br />mation bond had been closed in July 1989. <br />7. On May 3, 1990 the Division issued NOV C-90-012 <br />requiring PCI to replace the letter of credit, in the amount of <br />$931,150, by June 1, 1990. <br />8. PCI failed to replace the letter of credit and, on <br />June 7, 1990, the Division issued a second Recommendation and <br />Findings for Denial of the permit renewal application. <br />9. In June 1990, in an effort to encourage PCI to submit <br />a replacement bond, the Division entered into an Agreement <br />extending the time allowed for PCI to abate NOV C-90-012 to June <br />26, 1990. PCI, however, agreed not to contest bond forfeiture in <br />the event it failed to submit a replacement bond by June 26, <br />1990. <br />10. PCI failed to submit a replacement bond to the Divi- <br />sion by June 26, 1990 and, on that same date, the matter again <br />came to the Board for bond forfeiture and review of the <br />Division's Recommendation and Findings for Denial of the permit <br />renewal. Upon PCPs request, the Hoard continued the matter to <br />the July Board meeting and extended the time for PCI to submit a <br />replacement bond to 8 a.m., July 25, 1990. <br />11. PCI has not submitted a replacement bond and has not <br />submitted all of the information necessary for the Division to <br />render a decision on the permit renewal. <br />12. PCPs bond provides that it shall submit a substitute <br />bond upon notice of insolvency of the bank issuing the letter of <br />credit. <br />13. Reclamation has not been performed according to the <br />Surface Coal Mining Reclamation Act of 1979.("the Act") <br />CONCLUSIONS OF LAW <br />14. It has been established by a preponderance of the <br />evidence that: <br />a. PCI has not provided evidence that the perfor- <br />mance bond in effect for said operation ~wi11 continue in full <br />force and effect for any renewal requested as well as any addi- <br />tional bond required by the Board. Section 34-33-109(7)(a)(IV), <br />C.R.S. <br />-2- <br />