N.M. Admin. Code § 19.10.12.1206 - ADJUSTMENT OF AMOUNT
A. The
amount of the financial assurance required and the terms of its acceptance
shall be adjusted by the director from time-to-time as the area requiring
financial assurance is increased or decreased or when the future reclamation or
closeout costs change. The director may specify periodic times or set a
schedule for re-evaluating and adjusting the financial assurance
amount.
B. The director shall:
(1) notify the permittee, the surety, any
person with a property interest in collateral who has requested notification
under Subsection C, Paragraph 4 of
19.10.12.1208 NMAC and any person
who has requested notification of actions concerning the mining operation, of
any proposed adjustment to the financial assurance amount; and
(2) provide the permittee an opportunity for
an informal conference on the adjustment.
C. Permittee may request reduction of the
amount of the financial assurance upon submission of evidence to the director
demonstrating that the permittee's methods of operation or other circumstances
reduce the estimated cost for the state of New Mexico or its contractor to
reclaim or complete the closeout plan for the area. Adjustments which involve
undisturbed land or revision of the cost estimate for reclamation or closeout
plan completion are not considered financial assurance release subject to
procedures of
19.10.12.1210 NMAC.
D. In the event that the approved permit is
revised or modified, the director shall review the financial assurance for
adequacy, and if necessary, shall require adjustment of the financial assurance
to conform to the permit as revised or modified.
Notes
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