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(DRAFT) REGULATIONS AS PROPOSED NOVEMBER 29, 1979 BY THE <br /> COLORADO MINED LAND RECLAMATION BOARD FOR IMPLEMENTATION OF THE <br /> COLORADO SURFACE COAL MINING RECLAMATION ACT (OF 1979) <br /> 3.02.4. (1) (c) A self bond, which the Division will accept without <br /> separate surety when the applicant demonstrates to the <br /> satisfaction of the Division that he has the financial means <br /> sufficient to self-bond for reclamation pursuant to 3.02.4(2) (3) ; <br /> 3.02.4(2) (e) Self-bonds shall be subject to the following conditions: <br /> (i) The applicant shall designate the name and address <br /> of a suitable agent in Colorado to receive service of process. <br /> Robert Delaney <br /> P. 0. Drawer 790 <br /> Glenwood Springs, CO 81601 <br /> Phone: (303) 945-6546 <br /> (ii) The applicant, or the applicant's parent organiza- <br /> tion in the event the applicant is a subsidiary corporation, <br /> has a net worth, certified by a Certified Public Accountant, <br /> sufficient to meet the total amount of self-bond obligations <br /> on all permits issued to the applicant in the United States <br /> for surface coal mining and reclamation operations. <br /> See Attachment E. Mid-Continent has bond obligations <br /> only for the Coal Basin mines being permitted in the <br /> state of Colorado. <br /> (iii) The applicant grants the State a mortgage or <br /> security interest creating a lien upon real or personal <br /> property located in the State which shall have a fair market <br /> value equal to or greater than the obligation created under <br /> the self-bond agreement. <br /> See Attachments A, C, F. The bond set on the Coal Basin <br /> operations is $765,000. The value of the Colorado <br /> Meadows Industrial Park was appraised at $2 million, as <br /> of December 28, 1979, by an independent appraiser. <br /> (iv) The instrument creating such mortgage or security <br /> interest shall grant to the State a lien sufficient to <br /> secure the right and power in the State to foreclose upon <br /> said property pursuant to Colorado law, concurrent with <br /> the issuance of a notice of forfeiture under 3.04 and to <br /> sell or otherwise dispose of the property by public or <br /> private transaction, and to establish the State as the first <br /> and prior secured creditor with respect to such property, <br /> so as to assure the State of a perferred claim over all <br /> other creditors in case of bankruptcy. For classes of <br />