Source: http://www4.law.cornell.edu/uscode/text/30/1259
Timestamp: 2013-12-11 11:12:51
Document Index: 762156036

Matched Legal Cases: ['§ 1259', '§ 1259', '§ 1259', '§ 509', 'art 715', 'art 717', 'art 755', 'art 785', 'art 902']

30 USC § 1259 - Performance bonds | Title 30 - Mineral Lands and Mining | U.S. Code | LII / Legal Information Institute
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30 USC § 1259 - Performance bonds
Filing with regulatory authority; scope; number and amount
After a surface coal mining and reclamation permit application has been approved but before such a permit is issued, the applicant shall file with the regulatory authority, on a form prescribed and furnished by the regulatory authority, a bond for performance payable, as appropriate, to the United States or to the State, and conditional upon faithful performance of all the requirements of this chapter and the permit. The bond shall cover that area of land within the permit area upon which the operator will initiate and conduct surface coal mining and reclamation operations within the initial term of the permit. As succeeding increments of surface coal mining and reclamation operations are to be initiated and conducted within the permit area, the permittee shall file with the regulatory authority an additional bond or bonds to cover such increments in accordance with this section. The amount of the bond required for each bonded area shall depend upon the reclamation requirements of the approved permit; shall reflect the probable difficulty of reclamation giving consideration to such factors as topography, geology of the site, hydrology, and revegetation potential, and shall be determined by the regulatory authority. The amount of the bond shall be sufficient to assure the completion of the reclamation plan if the work had to be performed by the regulatory authority in the event of forfeiture and in no case shall the bond for the entire area under one permit be less than $10,000.
Liability period; execution
Liability under the bond shall be for the duration of the surface coal mining and reclamation operation and for a period coincident with operator’s responsibility for revegetation requirements in section 1265 of this title. The bond shall be executed by the operator and a corporate surety licensed to do business in the State where such operation is located, except that the operator may elect to deposit cash, negotiable bonds of the United States Government or such State, or negotiable certificates of deposit of any bank organized or transacting business in the United States. The cash deposit or market value of such securities shall be equal to or greater than the amount of the bond required for the bonded area.
Bond of applicant without separate surety; alternate system
The regulatory authority may accept the bond of the applicant itself without separate surety when the applicant demonstrates to the satisfaction of the regulatory authority the existence of a suitable agent to receive service of process and a history of financial solvency and continuous operation sufficient for authorization to self-insure or bond such amount or in lieu of the establishment of a bonding program, as set forth in this section, the Secretary may approve as part of a State or Federal program an alternative system that will achieve the objectives and purposes of the bonding program pursuant to this section.
Deposit of cash or securities
Cash or securities so deposited shall be deposited upon the same terms as the terms upon which surety bonds may be deposited. Such securities shall be security for the repayment of such negotiable certificate of deposit.
The amount of the bond or deposit required and the terms of each acceptance of the applicant’s bond shall be adjusted by the regulatory authority from time to time as affected land acreages are increased or decreased or where the cost of future reclamation changes.
(Pub. L. 95–87, title V, § 509,Aug. 3, 1977, 91 Stat. 479.)
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.30 CFR - Title 30—Mineral Resources30 CFR Part 715 - GENERAL PERFORMANCE STANDARDS30 CFR Part 717 - UNDERGROUND MINING GENERAL PERFORMANCE STANDARDS30 CFR Part 755 - TRIBAL-FEDERAL INTERGOVERNMENTAL AGREEMENTS30 CFR Part 785 - REQUIREMENTS FOR PERMITS FOR SPECIAL CATEGORIES OF MINING30 CFR Part 902 - ALASKA