2006-04-19_REPORT - M1977004 - Laserfiche WebLink

Home Browse Search

`J v ~ _ • µ•ryLRp~Lj rh,•r)laratorsnd_Sa~nco Lnsucance Comaanv of Aseriea _(Ust"Wan'antor°). Washin con and du1}' al'(;t~7ClangR 01$anlLeti mid GVStalg wXlef the laws Of t}IC Stale Of ~-- auttterizcd to vatt5au a bonding and surrn business in the Sate of Colorado art: hereby and firmly bound unto r~o Hiltta:, 'tvo Nnndred sixty Throe 2, 263, OOO.OU the Staa in the sum of Titouannd „d ~altaa ct,s------°---------"° Rollars (5 for the life of mice or until such time as replacement is received. Cor Ota payment of which stuc4 wc{1 and truly made, we hereby bind oursth'es and eur personal representatives, successors and assigtts.;oarily and serrotal!}', fumly by these presents. WF~REAS, the Board has determined, ut accordance with the Act, that the cstintated costs of reclamation ofthe P.ffecmd Lands ere those amounu for the stated periods of tune as sec forth herein. Said amount may bt amutdcd from time to tune to refkc[ revised estimate of said costs of reclamation. WHEREAS, the Opcrater artd the Warrantor, in accordance with the Act, has promised mtd hereby promises the Hoard lhac it will be responsible far all the cslimated costs of reclamation wi[h regard to the AtTected Lands. WHEREAS, the Board has determined that Utis Financtal Warranty by Utc Warrantor equals the estimated cost o[ recLwsation, as approved by the Hoard, with regard tc the Affected Lands. NOW,'C"EIERF.FORE,the Optrater cad the Warrantor act held hereby firm()' unto the State of Colorado in the amotmt of these scans far those periods of time u set forth herein. until this Financial Warranty is amended • or rekued in xcordaace with applicable law. Tne Board rnry, Cor goad cause shown, increase err decrease the amount and duration of this Financial Warranh•. "The Operator shalt have si~cty (60) days after the dice of nadce of any such adjustment to increase die sureh• runouat, but no such irurresse shall bind the W anvttor carless and until it shall have consrnied thereto in writing by the issuana of an additional Financial Warranty or by on cndorsemcnt to this Financial Warranty. The Operator and the War:atttor shill notify tilt 8oanl icmtediatrly eCany wont which may impair this Futazcial Wacrutty. Ilthe Board rrr~ives such notice, er otherwise has rcuon to believe that this Financial W.vrwty has beet: materially impaired, it may com•ene a hearing in accordarrec with the Act for the putpae of deterstining vvhcthcr impairmrnt has occwred. The obligotivn of the Qpc:ator artd the tiVarrantor shall continue until the Boud has rckased Utis Financial Warranty or his ordced it forfeited in accordance with applicable provisions of the AcL It is understood that periods of years rttav ueccssarily lK required before determination cart be made that ralemation of the Affected Lands has teen satisfuctsnly complete6. It is also «tugnized that, as reclamation a accomplished, the amount of this Financial Warranty may be reduced with the approval of Ute Board so that it re:Iects Ute then cturent estimated cost of the runaining reclamation of Utc Affected Lands. No revision, ~tcnsion. or rcttcwal of dte permit, or oCthe time allowed to complete rttinmation, shall diminish the Opccatcr's or Warrantor's obligation under this Financial Wmrutty. No ttusrepresentation by Ute Opaa[er which may have induced the Warranror to esecute this Financial WuranN shall be any defrnse to demand by the State mda this agrertnent. In nay single year dunrtg the life of the permit, the amount of the Financial Warranty shall not. e:ccrd rite estimated cast oCfully :eclaiatin3 all Inds to be affected in said year, plus all lands affected in previous permit years and not }•u fully ralaimod. Reclamation taro shall be compulcd with refuatee ro current reclamation • cos R.