N.M. Admin. Code § 19.8.14.1404

Current through Register Vol. 36, No. 1, January 14, 2025

Section 19.8.14.1404 - DETERMINATION OF BOND AMOUNT

A. The amount of the bond required for each bonded area shall:

(1) be determined by the director;

(2) depend upon the requirements of the approved permit and reclamation plan;

(3) reflect the probable difficulty of reclamation, giving consideration to such factors as topography, geology, hydrology, and revegetation potential; and

(4) be based on, but not limited to, the estimated cost submitted by the permit applicant.

B. The amount of the bond shall be sufficient to assure the completion of the reclamation plan if the work has to be performed by the state of New Mexico in the event of forfeiture, and in no case shall the total bond initially posted for the entire area under one permit be less than $10,000.

C. An operator's financial responsibility under 19.8.20.2069 and 2070 NMAC for repairing material damage resulting from subsidence may be satisfied by the liability insurance policy required under 19.8.14.1415 NMAC.

N.M. Admin. Code § 19.8.14.1404

11-29-97; 19.8.14.1404 NMAC - Rn, 19 NMAC 8.2.14.1404, 9-29-2000