Md. Code Regs. 26.20.14.02

Current through Register Vol. 51, No. 12, June 14, 2024

Section 26.20.14.02 - Form of Performance Bonds

In accordance with Environment Article, Title 15, Subtitle 5, Annotated Code of Maryland, the Bureau may accept either:

A. A surety bond executed by the operator and a corporate surety licensed to do business in the State; or

B. A collateral bond in one of the following forms:

(1) A deposit of cash or negotiable bonds of the U.S. Government having a market value equal to the required bond amount,

(2) A certificate of deposit equal to the required bond, issued by a bank in the State and accompanied by a written agreement of the bank to pay on demand to the State, or

(3) An irrevocable letter of credit that is equivalent to the required bond, issued by a bank in the State that expressly states that the total sum is guaranteed to be available and payable directly to the State on demand in the event of forfeiture. The irrevocable letter of credit may not expire during the anticipated life of the mining activities and the reclamation period after that.

Md. Code Regs. 26.20.14.02

Regulations .02 were previously codified as COMAR 08.13.09.15 a A_M, respectively. Recodification occurred in April, 1993. For a history of these regulations before April, 1993, see "Administrative History of COMAR 08.13.09 before April, 1993" which follows COMAR 26.20.01.