Or. Admin. R. 632-015-0025 - Financial Security Requirements

Current through Register Vol. 61, No. 4, April 1, 2022

(1) Before a permit may be issued for seismic programs or information hole operations, the applicant must submit a surety bond or other form of financial security acceptable to the department. The department will establish the amount of financial security based on estimated costs, but the amount may not be less than $50,000. A surety bond must be executed by the applicant, as principal, and by a surety company authorized to do business in the State of Oregon, as surety, and conditioned upon the faithful compliance by the principal with Oregon statutes, Oregon Administrative Rules, any applicable order of the board, and permit conditions.

(2) Any security submitted as required by this section may, with the consent of the department, be terminated and cancelled and the surety relieved of all obligations thereunder. However, the department shall not consent to termination and cancellation of any security until the hole or holes covered by such security have been properly reclaimed, or another valid security has been submitted.

(3) Following completion of operations, the permittee may request that the department release the bond or other form of security. A bond or security may not be released until the department has determined that the permittee has complied with Oregon statutes, Oregon Administrative Rules, any applicable order of the board, and permit conditions.

Notes

Or. Admin. R. 632-015-0025

GMI 2-1990, f. 8-9-90, cert. ef. 8-31-90; GMI 2-1995, f. & cert. ef. 3-10-95; DGMI 2-2013, f. & cert. ef. 3-21-13

Stat. Auth.: ORS 516.090 & 520.095

Stats. Implemented: ORS 520.027 & 520.095