2009-01-12_REVISION - M1992045 (6)

Home Browse Search

2- WHEREAS, the Board has determined that the financial warranty by the Operator equals the estimated costs ofe°reclamation, as approved by the Board, with regard to the Affected Lands. WHEREAS, the Operator, in accordance with the Act has promised and hereby promises the Board that it will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, as proof of its financial responsibility the Operator has r ursuant to Section 34-32-117(3)(a) of the Act and has executed a personal check, business check cashier's eheel r certified check No. .5n S r I /U 1 i to , payable to the Mined Land Reclamation Board in the amount of Are, e. r{tpu_$a 1o( Fog,-- ya„dreoe dollars ($ 3800: 00 1 The Board has deposited the executed personal or business check, cashier's check or certified funds in the State of Colorado Treasury ("state treasury"). The above-mentioned sum is to be held as proof of the Operator's financial responsibility under this financial warranty. The Operator has provided to the Board as proof of its authority to execute the above-mentioned personal or business check, by one of the following methods, as it applies to the Operator: I . If the operator is a corporation, a copy of the corporate resolution, specifying the individuals that have authority to execute checks on behalf of the corporation. 2. If the Operator is a partnership, a copy of the partnership resolution, specifying the individuals that have authority to execute checks on behalf of the partnership. 3. If the Operator is an individual or a sole proprietor, confirmation from the bank stating the individuals that have authority to execute the above-mentioned check. If the Operator has elected to proceed with a personal or business check, this financial warranty is not effective until the personal or business check has cleared the bank upon which it was drawn. NOW THEREFORE, the operator is held hereby firmly unto the State of Colorado in the amount of those sums for those periods of time as set forth herein, until this financial warranty is amended or released in accordance with applicable law. The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all new requirements. The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. If the Board receives such notice or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. The Board may withdraw the funds deposited in the state treasury held hereunder, if the Board determines that reclamation which ought to have been performed by the Operator, or its successors or assigns, retrains unperformed. No other condition precedent need be fulfilled to entitle the Board to receive the funds deposited in the state treasury. In the event of forfeiture of this financial warranty by the Board, if upon completion of reclamation by the Board the cost of reclamation shall be less than the amount received from the state treasury, the excess shall be