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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 460. Department of Mines |
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Chapter 30. Coal Combution By-Product Placement Rules and Regulations |
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Subchapter 4. Bond Requirements for Ccb Operations |
SECTION 460:30-4-9. General terms and conditions of bond
Latest version.
- (a) The performance bond shall be in an amount determined by the Department as provided in Section 460:30-4-7.(b) The performance bond shall be payable to the Department.(c) The performance bond shall be conditioned upon faithful performance of all the requirements of the Act, these Regulations, the regulatory program, and the approved permit, including completion of the reclamation plan.(d) The duration of the bond shall be for the time period provided in Section 460:30-4-6 (e)of this Subchapter.(1) The bond shall provide a mechanism for a bank or surety company to give prompt notice to the Department and the permittee of any action filed alleging the insolvency or bankruptcy of the surety company, the bank, or the permittee, or alleging any violations which would result in suspension or revocation of the surety or bank charter or license to do business.(2) Upon the incapacity of a bank or surety company by reason of bankruptcy, insolvency, or suspension or revocation of a charter or license, the permittee shall be deemed to be without bond coverage and shall promptly notify the Department. The Department, upon notification received through the procedures of (e)(1) of this Section or from the permittee, shall, in writing, notify the operator who is without bond coverage and specify a reasonable period, not to exceed 90 days, to replace bond coverage. If an adequate bond is not posted by the end of the period allowed, the operator shall cease CCB placement and shall comply with the provisions of Section of the approved permit and this Chapter and shall immediately begin to conduct reclamation operations in accordance with the reclamation plan. CCB operations shall not resume until the Department has determined that an acceptable bond has been posted.(c) Bond forfeiture. The Department shall take action to forfeit a bond pursuant to this Section, if 30 days prior to bond expiration, the operator has not filed:(1) A performance bond for a new term as required for continuous coverage, or(2) A performance bond providing coverage for the period of liability, including the period of extended responsibility for successful revegetation.