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Hokne Roberts & Owen I,I,P <br />Attorneys at Law <br />Chair <br />March 31, 2011 <br />Page 8 <br />Decision is, if the Board elects not to direct final bond release, excessive and <br />OEI believes the remaining liability stated of $112,165 is erroneous. <br />C.R.S. §§ 34-33-113(5) states, <br />The amount of the bond or deposit required and the terms <br />of each acceptance of the applicant's bond shall be adjusted <br />by the office from time to time for good cause as affected <br />land acreages are increased or decreased or when the cost <br />of future reclamation changes. <br />OEI contends that this language requires the Division to adjust the reclamation <br />bond amount relative to the actual costs required to complete any outstanding <br />reclamation at the Carbon Junction Mine. This assertion is further supported by <br />C.R.S. §§ 34-33-113(1) which states in part: <br />The amount of the bond shall be sufficient to assure the <br />completion of the reclamation plan if the work had to be <br />performed by the board in the event of forfeiture... <br />Retention of a reclamation bond amount in excess of that required to complete <br />the approved reclamation plan is not authorized by the Reclamation Act nor <br />does such an action appear warranted by the Division. <br />OEI intends at the hearing to more completely set forth the proper reclamation <br />liability, if any, that would be justified in accordance with C.R.S. § 34-33- <br />113(5). <br />Witnesses Intended To Be Called <br />Currently, OEI would intend to call at the hearing Arbie M. Ray, Chief <br />Executive Officer and President of OEI; Michael S. Savage, Principal of <br />Savage & Savage Inc., who is OEI's reclamation consultant and an expert on <br />mined land reclamation; and Tom Kaldenbach, David Berry and Daniel 1. <br />Hernandez of the Division. Of course, this list of potential witnesses may be <br />#1524340 0 den