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NIID-CO\TI\E\T RESOURCES.I\C. <br /> 201 Centennial St.,Suite 406 <br /> Glenwood Springs. Colorado 81601 <br /> (303)945-4908 <br /> M E M O R A N D U M <br /> TO: Bob Delaney <br /> FROM: George Wear <br /> DATE: June 1, 1984 <br /> RE: Bonding Surety <br /> --------------------------------------------------------•----------------- <br /> We will soon need to pledge as surety for additional Coal Basin <br /> reclamation bonding amounts the Velasquez property in Carbondale. As <br /> you know, we have pledged more than the allowed 85% of assessed value <br /> of the Mine Services land and buildings (actually 8%) . <br /> The two mine plan revisions that will soon require additional <br /> reclamation bonding amounts before they can be approved are the conveyor <br /> system from the rock tunnel portals to the preparation plant and the <br /> new refuse disposal complex on the Sutey property. Jim Pegron informs <br /> me that the reclamation costs computed by Doug Bowman and John Turner are <br /> too low and will not be accepted by MLRD. They will be re-calculated <br /> and sent to us shortly. Meanwhile, we need to get MLRD's approval of <br /> our additional property surety pledge so that the permits (particularly <br /> the new coal refuse complex) will not be held up. <br /> It seems to me that we should go ahead and pledge the acceptable <br /> amount of the Velasquez property (.85 x 800,000 = $680,000) through <br /> a Mortgage Deed worded something like the attached draft, acquire the <br /> title insurance committment and then amend only the Reclamation Bond <br /> amount from time to time as it is needed. <br /> I'm available any time to discuss this proposal . <br /> George Wear <br /> GW/cld <br />