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<br />$501,479.00. Although the Division will hold an excess in bond, the required surety will <br />remain at $4,624,936.00 because it has now been set through the Phased Bond Release <br />process. While the Division can not release (reduce) the current liability, if, in the future, <br />it is determined that the cost of the remaining reclamation at the Bowie No. l Mine <br />exceeds the liability held, the Division can request that additional bond monies be <br />submitted. <br />The following paragraphs can be used in your SL-03 and RN-OS Findings documents. <br />SL-03 Findings Paragraphs <br />Rule 3.03.1(2)(a) states that "Up to sixty percent of the applicable bond amount shall be <br />released when the permittee successfully completes backfilling, regrading and drainage <br />control in accordance with the approved reclamation plan." Based on the reclamation <br />completed at the Bowie No. 1 Mine, the Division is proposing to release a total of 60% of <br />the applicable bond or $1,136,354.00. This release is for structural demolition work <br />completed at the Bowie No. 1 Mine Loadout. <br />The total amount of structural demolition at the Bowie No. 1 Mine Loadout is <br />$2,688,882.00. There is, however, still some structural demolition work that has not yet <br />been completed at the Loadout. Based on the SL-03 application package and the <br />Division's site inspection on (DATE), the Division has determined that the total amount <br />of structural demolition that has been completed at the Bowie No. 1 Mine Loadout is <br />$1,893,923.00. This amount is the applicable amount that the Division used to determine <br />the releasable amount pursuant to Rule 3.0.3.1(2)(a). The Division also has determined <br />that it can release a fu1160% of the applicable amount for SL-03, as discussed below. <br />In determining the releasable bond amount for SL-03, the Division calculated an updated <br />cost for the remaining reclamation at the Bowie No. 1 Mine (the entire site including the <br />Loadout). The Division determined that the remaining liability is $4,123,457.00. <br />Currently, the Division holds three corporate sureties from the Lyndon Property <br />Insurance Company totaling $5,761,290.00 (surety L-022004-C-81-038 in the amount of <br />$761,290, surety L-022004-C-81-038-1 in the amount of $2,500,000.00 and surety L- <br />022004-C-81-038-2 in the amount of $2,500,000.00). Following the final approval for <br />the release of $1,136,354.00 for SL-03, the Division will hold bond monies totaling <br />$4,624,936.00. The bond monies that the Division will hold will exceed the required <br />liability (of $4,123,457.00) by $501,479.00. This will ensure that the Division holds <br />enough bond monies in the event of permit revocation and bond forfeiture. <br />RN-OS Findings Paragraph <br />The Division calculated the cost of the remaining reclamation at the Bowie No. 1 Mine in <br />conjunction with the review of the permit for RN-O5. The Division calculated the <br />remaining liability to be $4,123,457.00 for the site. The Division currently holds bond <br />