Code of Federal Regulations Title 30. Mineral Resources § 30.800.16 General terms and conditions of bond
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(a) The performance bond shall be in an amount determined by the regulatory authority as provided in § 800.14.
(b) The performance bond shall be payable to the regulatory authority.
(c) The performance bond shall be conditioned upon faithful performance of all the requirements of the Act, this chapter, the regulatory program, and the approved permit, including completion of the reclamation plan.
(d) The duration of the bond shall be for the time period provided in § 800.13.
(e)(1) The bond shall provide a mechanism for a bank or surety company to give prompt notice to the regulatory authority and the permittee of any action filed alleging the insolvency or bankruptcy of the surety company, the bank, or the permittee, or alleging any violations which would result in suspension or revocation of the surety or bank charter or license to do business.
(2) Upon the incapacity of a bank or surety company by reason of bankruptcy, insolvency, or suspension or revocation of a charter or license, the permittee shall be deemed to be without bond coverage and shall promptly notify the regulatory authority. The regulatory authority, upon notification received through procedures of paragraph (e)(1) of this section or from the permittee, shall, in writing, notify the operator who is without bond coverage and specify a reasonable period, not to exceed 90 days, to replace bond coverage. If an adequate bond is not posted by the end of the period allowed, the operator shall cease coal extraction and shall comply with the provisions of § 816.132 or § 817.132 of this chapter and shall immediately begin to conduct reclamation operations in accordance with the reclamation plan. Mining operations shall not resume until the regulatory authority has determined that an acceptable bond has been posted.
Cite this article: FindLaw.com - Code of Federal Regulations Title 30. Mineral Resources § 30.800.16 General terms and conditions of bond - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-30-mineral-resources/cfr-sect-30-800-16.html
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