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that the projects can go forward in a timely fashion. If necessary permits for an "A" List <br /> project are ultimately denied by the responsible agency, that portion of the mitigation project <br /> will be deleted from the requirements of the Consent Decree, and an additional mitigation <br /> project will be implemented in its place. Work plans for any such projects will be submitted <br /> to the Division in accordance with paragraph 13. <br /> XII. FINANCIAL SURETY <br /> 25. Not later than thirty days after entry of this Consent Decree, SGC will provide <br /> financial surety in the amount of$5,000,000 in the form of an irrevocable letter of credit, in <br /> the favor of the Water Quality Control Division of the Colorado Department of Public Health <br /> and Environment, issued by a federally chartered banking institution. <br /> a. The Division may draw on the letter of credit if SGC becomes bankrupt <br /> and discontinues treatment of water necessary to maintain water quality and may use the <br /> proceeds to protect the waters of the state by entering and operating the treatment facility at <br /> the American Tunnel portal and disposing treatment residues at SGC's existing tailings pond. <br /> b. This letter of credit will provide that it is irrevocable for a minimum <br /> initial period of one year and will be automatically extended for minimum additional one-year <br /> periods unless at least ninety days prior to an expiration date, the issuing institution has <br /> provided to the Division by registered mail or by courier, notice of its election not to extend <br /> the letter of credit. <br /> M911-1.2/2"6 26 <br />