Oklahoma § 45-728

§ 45-728.

Bond - Cash deposit.

Oklahoma Statutes - Title 45. Mines and Mining

A. Any bond required to be filed with the Department by the

operator shall be in such form as the Director prescribes, payable

to the State of Oklahoma, conditioned that the operator shall

faithfully perform all requirements of the Mining Lands Reclamation

Act and comply with all rules of the Department made in accordance

with the provisions of the Mining Lands Reclamation Act. Such bond

shall be signed by the operator as principal, and by a good and

sufficient corporate surety, licensed to do business in the state,

as surety.

B. The penal sum of such bond shall be determined by the

Department and shall depend on the performance requirements of the

approved permit. The minimum bond shall be Two Thousand Dollars

($2,000.00).

In determining the amount of the bond, the Department shall take

into consideration the character and nature of the overburden, the

future suitable use of the land involved and the cost of reclamation

to be required.

C. A bond shall not be cancelable by the surety except after

not less than ninety (90) days' prior written notice to the

Department. Bonds may be continued in effect from year to year, and

a new bond need not be provided for each permit application. A

single bond may cover all of the operator's mining operations in the

state. The penalty of the bond or amount of cash and securities, as

provided in subsection E of this section, shall be increased or

reduced from time to time as provided in the Mining Lands

Reclamation Act.

D. If the license to do business in the state of any surety

upon a bond filed with the Department pursuant to the Mining Lands

Reclamation Act shall be suspended or revoked, the operator, within

thirty (30) days after receiving notice from the Department, shall

substitute for such surety a good and sufficient corporate surety

licensed to do business in the state. Upon failure of the operator

to make substitution of surety as required, the Department shall

have the right to suspend the permit of the operator to conduct

operations upon the land described in such permit until such

substitution has been made.

E. In lieu of such bond, the operator may deposit cash

government securities, Certificates of Deposit or an irrevocable

letter of credit with the Department in an amount equal to that of

the required bond on conditions as prescribed by the Department. In

the discretion of the Department surety bond requirements may also

be fulfilled by using existing reclaimed areas, in excess of

cumulative permit or mined acres, that have been completed under the

jurisdiction of the Mining Lands Reclamation Act and approved by the

Department.

F. Such bond or security shall remain in effect until the mined

acres have been reclaimed, approved and released by the Department.

Oklahoma Statutes - Title 45. Mines and Mining

If the Department determines that grading has been satisfactorily

completed pursuant to the Mining Lands Reclamation Act, the

Department may release up to eighty percent (80%) of the penal sum

of the bond filed for each acre of land graded. The remaining

portion of the bond shall continue in effect until the completion of

the requirements pursuant to Section 725 of this title.

Amended by Laws 1982, c. 181, § 5, emerg. eff. April 20, 1982.