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Rule 3.03.1(2)(a) states that "Up to sixty percent of the applicable bond amount shall be released when <br />the permittee successfully completes backfilling, regrading and drainage control in accordance with the <br />approved reclamation plan." Based on the reclamation completed at the Bowie No. 1 Mine, the Division <br />is proposing to release a total of 60% of the applicable bond, or $1,136,354.00. This release is for <br />structural demolition work completed at the Bowie No. 1 Mine Loadout. <br />The total cost of structural demolition at the Bowie No. 1 Mine Loadout is $2,688,882.00. There is, <br />however, still some structural demolition work that has not yet been completed at the loadout. Based on <br />the SL-3 application package and the Division's site inspection on September 5, 2007, the Division has <br />determined that the total amount of reclamation bond liability for the structural demolition that has been <br />completed at the Bowie No. 1 Mine Loadout is $1,893,923.00. This amount is the applicable amount that <br />the Division used to determine the releasable amount pursuant to Rule 3.0.3.1(2)(a). The Division <br />proposes to release $1,136,354.00, which is 60% of the applicable amount for SL-3. <br />In determining the releasable bond amount for SL-3, the Division calculated an updated cost for the <br />remaining reclamation at the Bowie No. 1 Mine (the entire site including the loadout). The Division <br />determined that the remaining liability is $4,123,457.00. Currently, the Division holds three corporate <br />sureties from the Lyndon Property Insurance Company totaling $5,761,290.00 (surety <br /> in the amount of $761,290, surety in the amount of $2,500,000.00 and surety <br /> in the amount of $2,500,000.00). Following the final approval for the release of <br />$1,136,354.00 for SL-3, the Division will hold bond monies totaling $4,624,936.00. The bond monies <br />that the Division will hold will exceed the required liability (of $4,123,457.00) by $501,479.00. This will <br />ensure that the Division holds enough bond monies in the event of permit revocation and bond forfeiture.