2010-06-07_REVISION - M2006017 - Laserfiche WebLink

Home Browse Search

such fraction of receipts as will, in the opinion of the board, provide assurance that funds will be available for reclamation; (B) Prior to the issuance of a permit, the operator will provide another form of financial warranty as described in this paragraph (f). As the reclamation fund increases in value, the other form of financial warranty may be decreased in value so long as the sum of financial warranties is the amount specified in subsection (4) of this section. (C) Project-related fixtures and equipment, excluding rolling stock, owned or to be owned by the financial warrantor within the permit area will have a salvage value at least equal to the amount of the financial warranty or the appropriate portion of such warranty; (D) Existing liens and encumbrances applicable to project-related fixtures and equipment shall be subordinated to the lien described in section 34-32.5-118; except that liens in favor of the United States, a state, or a political subdivision shall not be so subordinated; (E) Project-related fixtures and equipment shall be maintained in good operating condition and will not be removed from the permit area without the prior consent of the board; (VI) A certified financial statement for the financial warrantor's most recent fiscal year and a certification by an independent auditor that: (A) The financial warrantor is the issuer of one or more currently outstanding senior credit obligations that have been rated by a nationally recognized rating organization; (B) The obligations enjoy a rating by such rating organization of 'A' or better; (C) The financial warrantor's net worth was at least twice the amount of all financial warranties made by such warrantor as of the close of the most recent fiscal year; (VII) A certified financial statement for the financial warrantor's most recent fiscal year and a certification by an independent auditor that as of the close of such year the financial warrantor's: (A) Net worth was at least ten million dollars and was equal to or greater than twice the amount of all financial warranties; (B) Tangible fixed assets in the United States were worth at least twenty million dollars; (C) Total liabilities-to-net-worth ratio was not more than two to one; (D) Net income, excluding nonrecurring items, was positive. Nonrecurring items that affect net income shall be stated in order to determine if they materially affect self-bonding capacity. (VIII) Proof that the operator is a department or division of state government or a unit of county or municipal government. (g) Proof of financial responsibility submitted or revised on or after July 1, 1993, shall be in compliance with subsection (4) of this section. (4) (a) The board shall prescribe the amount and duration of financial warranties, taking into account the nature, extent, and duration of the proposed ruining operation and the magnitude, type, and estimated cost of planned reclamation. (b) (1) In a single year during the life of a permit the amount of required financial