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i <br />to be filed with the board a certification by an independent auditor. Such certification shall <br />be filed annually and shall provide that, as of the close of the financial warrantor's most <br />recent fiscal year, such financial warrantor continued to meet all applicable requirements of <br />such subparagraphs (IV) to (VII). A financial warrantor who no longer meets such <br />requirements shall cause to be filed an alternate form of financial warranty. <br />(c) A financial warrantor who provides proof of financial responsibility in a form <br />described in paragraph (b) of this subsection (6) shall notify the board. within sixty days after <br />a net loss is incurred in a quarterly period. <br />(d) Whenever the board receives a notice under paragraph (a) or (c) of this subsection <br />(6), fails to receive a certification or substitute warranty as required by paragraph (b) of this <br />subsection (6), or otherwise has reason to believe that a financial warranty has been <br />materially impaired, it may convene a hearing for the purpose of determining whether <br />impairment has in fact occurred. <br />(e) Whenever the board convenes a hearing pursuant to this subsection (6), it may hire <br />an independent consultant to provide expert advice at the hearing. The fees of any such <br />consultant shall be paid by the financial warrantor, and no consultant: shall be hired until the <br />financial warrantor signs a written fee agreement in such form as the board may prescribe. <br />If a financial warrantor refuses to sign such an agreement, the board may, without hearing, <br />order such financial warrantor to provide an alternate form of financial warranty. <br />(f) If the board finds, at any hearing held pursuant to this subsection (6), that a <br />financial warranty has been materially impaired, it may order the financial warrantor to <br />provide an alternate form of financial warranty. <br />(g) A financial warrantor shall have ninety days to provide any alternate warranty <br />required under this subsection (6). <br />(h) All hearings held under this subsection (6) shall comply with the requirements of <br />article 4 of title 24, C.R.S. <br />(7) For purposes of this section, a "Rating of 'A' or better" means that a nationally <br />recognized rating organization has determined that the obligations are at least of an <br />upper-medium grade. This means that the factors giving security to the principal and interest <br />are considered to be adequate but elements may be present that suggest the possibility of <br />adverse effects if economic and trade conditions change. <br />(8) (a) The board or office may accept a first-priority lien on project-related fixtures <br />and equipment that must remain on site for the reclamation plan to be performed in lieu of <br />including the cost of acquiring and installing such fixtures and equipment in the amount of <br />the financial warranty prescribed pursuant to subsection (4) of this section. <br />(b) The board or office may accept a first-priority lien on project-related fixtures and <br />equipment that must be demolished or removed from the site under a reclamation plan and <br />may, in its discretion, accept such a lien as a portion of the proof of financial responsibility <br />if the amount credited does not exceed the cost of demolishing and removing such fixtures <br />and equipment or the market value of such fixtures and equipment, whichever is less. <br />(c) Any fixtures and equipment accepted pursuant to this subsection (8) shall be <br />insured and maintained in good operating condition and shall not be removed from the permit