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plan to address the exposed groundwater at the site. The technical revision must include all <br />available information and documents pertaining to the installation of the slurry wall as required by <br />the Division's policy memo dated September 2000 titled "Guide to Specification Preparation for <br />Slurry Walls and Clay Liners as a Component of a Colorado Mined Land Reclamation Permit ". A <br />copy of the memo was provided to Mr. Loloff during the January inspection and is available on the <br />Division's website at http: / /mining .state.co.us /Policies.htm. <br />If the Permittee decides later to proceed with the slurry wall installation, they must submit an <br />amendment to the existing permit in accordance with Rule 1.10 prior to initiating the <br />construction of the slurry wall. The required slurry wall technical revision is only intended to <br />address the financial warranty required to cover the cost of installing a slurry wall. <br />2. File a financial warranty to cover the cost of installing a slurry wall that meets the Division <br />of Water Resources requirements for preventing groundwater exposure. The financial <br />warranty must be submitted within 3 years of the technical revision approval date. <br />The Division's letter stated increased financial warranties may be posted in a phased manner not <br />to exceed three (3) years. The Division proposes two financial warranty submittal schedules: a <br />one -third per year option (the Division's preferred schedule) or an escalating option where the <br />Permittee submits twenty percent (20 %) of the financial warranty amount by the end of the first <br />year, fifty percent (50 %) by the end of the second year and the full warranty (100 %) by the end of <br />the third year. The intent of the escalating option is to allow the Permittee the ability to obtain the <br />water rights required to file for a final augmentation plan with the Water Court. <br />Based on the financial warranty estimate calculated by the Division on January 30, 2012 (see <br />attachment) and an estimated technical revision approval date of May 2, 2012 (30 days after T R <br />submittal due date of April 2, 2012) the financial warranty amount and due dates would be as <br />follows: <br />Option 1 Due Date <br />$476,421.00 (33 %) May 2, 2013 <br />$952,842.00 (66 %) May 2, 2014 <br />$1,443,700.00 (100 %) May 2, 2015 <br />Option 2 Due Dates <br />$288,740.00 (20 %) May 2, 2013 <br />$721,850.00 (50 %) May 2, 2014 <br />$1,443,700.00 (100 %) May 2, 2015 <br />The Permittee should review the attached financial warranty estimate and contact the Division <br />with questions. The Division will recalculate the required financial warranty after reviewing the <br />geotechnical information provided by the Permittee. <br />Please specify in the technical revision submittal which financial warranty schedule the Permittee <br />prefers. The options for the type of financial warranty to be submitted are available in Rule 4.3. <br />The appropriate warranty forms are available from the Division once a type is selected by the <br />Permittee. Please contact Barbara Coria at (303) 866 -3567 Ext. 8148 with any financial warranty <br />questions. <br />10.61/ A. VlJ <br />