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<br />warranties shall not exceed the estimated cost of fully reclaiming all lands to be affected in <br />such year phis all lands affected in previous permit years and not yet fully reclaimed. For <br />purposes of this paragraph (b), reclamation costs shall be computed with reference to current <br />reclamation costs. A financial warranty shall be sufficient to assure the completion of <br />reclamation of affected lands if, because of forfeiture, the office has to complete such <br />reclamation and shall include an additional amount equal to five percent of the amount of the <br />financial warranty to defray administrative costs incurred by the office in conducting the <br />reclamation. <br />(II) The office and the board shall take reasonable measures to assure the continued <br />adequacy of a financial warranty. <br />(c) (I) The board may: <br />(A) From time to time and for good cause shown, increase or decrease the amount <br />and duration of a required financial warranty; <br />(B) By rule or permit condition, require that proof of value of all or any group of <br />warranties held by the board be submitted on a periodic basis; <br />(C) By rule or permit condition, limit certain types of warranties to specific purposes <br />or require that a specified percentage of the total bond be held in easily valued and <br />convertible instruments. <br />(II) A financial warrantor shall have sixty days after the date of notice of an <br />adjustment to fulfill the new requirements. <br />(5) (a) An operator may file a written notice of completion with the office whenever <br />such operator believes that any or all requirements of this article have been completed with <br />respect to any or all of such operator's affected lands. Within sixty days after receiving such <br />notice, or as soon as weather conditions permit, the office shall inspect affected lands and the <br />reclamation described in the notice to determine if the operator has complied with all <br />applicable requirements. <br />(b) If the board or office finds that an operator has successfully complied with any <br />or all requirements of this article, it shall release all performance and financial warranties <br />applicable to such requirements. Releases shall be in writing and delivered promptly to the <br />owner or operator after the date of such finding. <br />(c) If the board or office finds that an operator has not complied with applicable <br />requirements of this article, it shall advise the operator of such noncompliance not more than <br />sixty days after the date of the inspection. <br />(d) If the office fails to conduct an inspection within the time specified in paragraph <br />(a) of this subsection (5) or to advise the operator of deficiencies within the time specified <br />in paragraph (c) of this subsection (5), then all financial warranties applicable to the <br />reclamation described in the notice shall be deemed released as a matter of law. <br />(6) (a) A financial warranty shall be maintained in good standing for the entire life <br />of a permit issued under this article. A financial warrantor shall immediately notify the board <br />of an event that may impair its warranty. <br />(b) Each financial warrantor who provides proof of financial responsibility in a form <br />described in subsection (3) (f) (IV) to (3) (f) (VII) or subsection (8) of this section shall cause