Section R. 425.308 - Financial assurance; updateRule 308.
(1) A permittee shall update the calculation of the cost to administer, and to hire a third party to implement, the reclamation, remediation, and postclosure monitoring required under R 425.301(2) every 3 years or as the department determines to be necessary. The update shall include the following: (a) A description of the reclamation and postclosure monitoring completed since the last update.(b) An estimate of the cost to administer, and to hire a third party to implement, reclamation under the mining, reclamation, and environmental protection plan that has not been completed, as well as necessary environmental protection measures, including remediation of any contamination of the air, surface water, or groundwater that is in violation of the mining permit.(c) The effects of inflation on the costs of reclamation and postclosure monitoring.(2) A permittee shall update an assurance instrument required under R 425.301 in accordance with 1 of the following schedules: (a) If the amount of the assurance instrument equals or exceeds the cost to administer, and to hire a third party to implement, the reclamation, remediation, and postclosure monitoring as originally calculated, multiplied by the Detroit consumer price index as of January 1 of each year, then the permittee shall update the assurance instrument every 3 years by April 1 of the succeeding year.(b) If the amount of the assurance instrument does not equal or exceed the cost to administer, and to hire a third party to implement, the reclamation, remediation, and postclosure monitoring as originally calculated, multiplied by the Detroit consumer price index as of January 1 of each year, then the permittee shall update the assurance instrument by April 1 of the succeeding year.(3) The department shall provide notice of an adjustment of the financial assurance to any interested person who has requested notice.Mich. Admin. Code R. 425.308