Laserfiche WebLink
<br />(11) In the event the Department demands payment under this <br />bond, the Department shall provide the Principal and the Surety with a written <br />quarterly accounting of all funds disbursed on account of the failure of the <br />Principal to comply with applicable requirements. Any funds paid under this <br />bond which the Department does not expend in remedying the violation shall be <br />deposited in an interest-generating account, and shall be returned t~> the <br />Surety as soon as practicable upon completion of remedial actions undertaken <br />by the Department. <br />{12) In its expenditure of funds paid under this bond, the <br />Department shall comply with statutory provisions governing contract award and <br />bid procedures utilized by the Colorado Department of Purchasing or its <br />successor agency. <br />{13) If, in response to a request by the Principal or the <br />Surety, the Department determines that the Principal has faithfully performed <br />the reclamation and other requirements of the License, the obligations of the <br />Principal and the Surety described herein shall be exonerated and discharged, <br />and the Department shall notify the Principal and the Surety that this bond is <br />released and discharged. The refusal by the Department to release the <br />Principal and the Surety from the terms of this bond shall constitute a <br />modification of the License, and shall be subject to review under applicable <br />provisions of Colorado law. <br />-43- <br />