11 Miss. Code. R. 8-1.3.2 - Form of the Bond
A. Before a permit
is issued by the Permit Board, the applicant shall file with the Department, in
the manner and form prescribed by the Department, a bond for performance
payable to the Commission and conditioned on full and satisfactory performance
of the requirements of this rule and the permit. The bond shall not be less
than Five Hundred Dollars ($500.00) nor more than Two Thousand Five Hundred
Dollars ($2,500.00) for each estimated acre of the permit area of the
respective operation. The Department shall make a recommendation to the Permit
Board as to the amount of the bond. The Permit Board shall make its decision
based on the Department's recommendation, topographical features of the
proposed affected area, impact on the environment, and all other factors deemed
appropriate by the Permit Board.
B.
The bond is a performance bond designed to insure that the operator
satisfactorily performs all of the requirements of the Act, these Regulations,
and the permit. The bond shall cover that area of land within the permit area
upon which the operator will initiate and conduct surface mining and
reclamation operations within the initial term of the permit. Any operator who
fails to comply with the Act, these Regulations, or the permit shall be
declared by the Commission to be in violation, and the Commission may rule that
he shall forfeit the bond, collateral, or deposit. Should the operator default,
the bond shall be expended to reclaim, in accordance with the provisions of the
Act and these Regulations, the lands with respect to which the bond,
collateral, or deposit was filed. Any unused funds may be used to reclaim other
unreclaimed lands.
C. The bond
shall be executed by the applicant and a corporate surety licensed to do
business in the state. The applicant may elect to deposit the following in lieu
of the surety bond: cash, negotiable bonds of the United States government or
the state, assignment of real or personal property, or a savings account
acceptable to the Department, negotiable certificates of deposit or a letter of
credit of any bank organized or transacting business in the state and insured
by the Federal Deposit Insurance Corporation (FDIC) or the Federal Savings and
Loan Insurance Corporation (FSLIC) or a similar federal banking or savings and
loan insurance organization. The cash deposit or market value of the securities
shall be equal to or greater than the amount of the bond required for the
permit area. Cash, negotiable bonds, negotiable certificates of deposit, letter
of credit, assignment of real or personal property, or a savings account or
other securities shall be deposited on the same terms as the terms on which
surety bonds may be deposited.
D.
The amount of the bond or deposit required and the terms of acceptance of the
applicant's bond or deposit may be increased or decreased by the Permit Board
from time to time to reflect changes in the cost of future reclamation of land
mined or to be mined subject to the limitations on the amount of the bond set
forth in this section.
E. All state
agencies, political subdivisions of the state and local governing bodies shall
be exempt from the bonding requirements of this rule.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.