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STEPHEN H. KINNEY <br />207 North Orchard Ave. <br />Farmington, NM 87401 <br />(505) 325-4456 <br />August 5, 1997 <br />Mined Land Reclamation Board <br />Attn: Thomas D. Gillis <br />Division of Minerals and Geology <br />Dept. of Natural Resources <br />State of Colorado <br />1313 Sherman St., Room 215 <br />Denver, CO 80203 <br />r ~C~IV~D <br />AUG 1 3 1997 <br />Division of rot~ner2ls 8 Geology <br />Re: Issuance of Pe^it for Application $M-94-115 [ORION PIT] <br />Dear Mr. Gillis: <br />We contend that the above application was automatically approved <br />under the Mineral Rules and Regulations, Rule 1.4.11(3) [Amended <br />4/94] when the Division failed to make a final decision on the <br />ORION PIT application within 120 days from the "receipt" of that <br />application. You have been unable to show us any authority to <br />support your contention that the 120 days starts from when you <br />"deem" the application is complete, rather than from its "receipt". <br />You received that application in October, 1994, and all required <br />publications and notices were completed as of Jan., 1995. <br />Rule 1.4.11(3) requires that the Applicant provide a Financial <br />Warranty of $2,000 per acre of affected land. Since we have 10 <br />acres of affected land, that means we need a Financial Warranty of <br />$20,000. Neither a Financial Warranty Letter of Credit nor a <br />Performance Warranty is required. Once you receive the Financial <br />Warranty, the Division must "promptly" issue the permit. <br />Rule 4.1(5) allows us to have a Third-Party provide the Financial <br />Warranty. Rule 4.1.2(1) requires that the Third-Party must sign <br />the Financial Warranty. Rule 4.3.4 allows us to select an <br />irrevocable Letter of Credit (LOC) as a Financial Warranty. Rule <br />4.7 sets forth the specific requirements for a LOC, including an <br />automatic renewal and 90 day expiration notice. <br />Enclosed is an original LOC signed by a Third-Party, Bank of the <br />Southwest, for $20,000 with an automatic renewal provision, and a <br />Statement of Financial Condition showing the LOC does not exceed <br />10% of the Bank's capital surplus account. We will provide a <br />balance sheet certified by a CPA in our Annual Report. We demand <br />that the Division promptly issues a permit for the above <br />application. <br />Si/nc~erely, <br />/~/~C..C~/~E~ ~! i/!~L-ff1fC-may L~~~~~~V <br />Stephen H. Kinney (/ n f ~'1 <br />CERTIiIED NrAIL N0. P 160 061 066 c`/)C'G : /Lp~' z'y7 pS ~0~~`l%~ <br />Return Receipt Recuested Q ~ 2 2 6 <br />