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<br />(J.1) In the event the De~srtment demands payment under this <br />bond, the Uepart.menr. shall provide the Principal and the Surety with a ~+ritten <br />quarterly accour,tim~ of all funds disbursed on account cf the Tai lure oT the <br />Principal to comply with applicable requirements. dny funds paid under this <br />bond which fire L~eoar[ment does not expend in remedying the violation shall be <br />deposited in an interest-generating account, and shall be reCUrned to 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 ~=omp!y with statutory provisions governing contract award and <br />bid proceuures utiliced by the Colorado Department of Purchasing or its <br />successor agency. <br />(1~) lf, i:: response to a request by the Principal or the <br />Surer;~, the Department determines that the Principal has faithfully performed <br />[he reclamation and ocher requirements of rile License, the obligations of the <br />Principal and the Surety described herein shall be e:<onera[ed 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 [he 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 />