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III IIIIIIIIIIIII III <br />999 <br />PERMITTED 112 PRESENTATION OPERATIONS <br />Presentation Form <br />General Information: <br />Date: December 14, 1995 Commodity: Sand & Gravel <br />File No.: M-73-021 Acreage: 183.5 acres <br />Operator: CAMAS/Cooley Sand & Gravel Specialist: Christina <br />Kamnikar <br />Location: Jefferson County, Secs. 10 and 11, T5S, R70W, 6th P.M. <br />Name of Site: Morrison Quarry <br />Present Value of Bond: $4,082,000.00 <br />Nature of Board Action: Consideration of a Deed of Trust Bond <br />Background: <br />On March 14, 1995, the Division of Minerals and Geology (DMG) <br />approved Cooley Sand & Gravel's Amendment o04 to permit M-73-021, <br />which added 50 acres to their permitted area (bringing the total to <br />185 acres), and at that time asked for additional bond to cover the <br />costs of reclamation. The increase to their existing $987,960.00 <br />financial warranty was $314,594.00. In response to this request, <br />Cooley Sand & Gravel posted the specified Deed of Trust as bond for <br />this reclamation work, stating that the value of the bond was <br />$6,400,000.00. <br />In October 1995, DMG recalculated the value of the Deed of Trust at <br />$4,082,000.00, and informed Cooley Sand & Gravel of this <br />recalculation in a letter dated November 3, 1995. In this letter, <br />DMG also informed Cooley Sand & Gravel that DMG intended to take <br />the matter of their Deed of Trust bond before the Board during the <br />December 1995 hearings. <br />The possible amount of financial bond posted and the possible value <br />of the Deed of Trust is not under contention. In a meeting between <br />DMG and CAMAS/Cooley Sand & Gravel on December 4, 1995, it was <br />agreed that the current possible value of the Deed of Trust is <br />$4,082,000.00. The issue in question is the form of the financial <br />warranty, and its suitability for use as a reclamation bond. <br />Staff Recommendations: <br />DMG wishes to inform the Board that they have several options in <br />this case. <br />Option # (1) The Board may accept the financial warranty as is. <br />Option # (2) The Board may reject the bond, based on the legal <br />grounds provided on the next page. Under the following sections of <br />the Colorado Land Reclamation Act for the Extraction of <br />