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Page 1'12 <br />Construction Materials Rule 4 <br />11g(~) (1) A Financial Warranty shall be subject to forfeiture whenever the Board shall <br />determine at a hearing that any one or more of the following circumstances <br />exist: , <br />»e(~Ha) (a) the Operator has violated a Cease and Desist order entered <br />pursuant to Section 34-32.5-124, C.R.S. ,1984, as amended, and, ff <br />corrective action was proposed in such order, has failed to <br />complete such corrective action although ample time to have done <br />so has elapsed; or <br />t~e(~xb) (b) the Operator is in default under the Performance Warranty and has <br /> failed to cure such default although they have been given written <br /> notice thereof and has had ample time to cure such default; <br />t1e(tXc) (c) the Financial Warrantor has failed to maintain the Financial <br /> Warranty in good standing as required; by Section 34-32.5-117, <br /> C.R.S. 191)4, as amended; or <br />118(7J(d) (d) the Financial Warrantor no longer has the financial ability to carry <br /> out the obligations under the Act. <br />~ ~ 8(2) (2) W henever the Board, based on information and belief, has reason t0 believe <br /> that a Financial Warranty is subject to forfeiture, fhe Board shall so notihrthe <br /> Operator and all Financial Warrantors. The Board shall afford fhe Operator <br /> and all Financial Warrantors the right to appear before the Board at a <br /> hearing to beheld not less than thirty (30) days after the parties' receipt of <br /> said Notice. <br />tta(3)(a) (3) At any such hearing, ttre Board shall be empowered to: <br /> (a) wRhdrawormodifyanydeterminationthattheFinancialWarrantyis <br /> subject to forfeiture; <br />~ <br /> ~or <br />(b) settle or compromise the determination; <br /> (c) confirm its determination that the Financial Warranty should 6e <br /> forfeited. <br />