Current through Register Vol. 54, No.43, October 26, 2024
Section 86.291 - Financial assurance for bond credit-general(a) In the Remining Financial Assurance Fund there is a special account providing financial assurance for the bond credit program. Funds in the special account may be used to financially assure bond obligations of a qualified operator who has voluntarily completed a reclamation project approved by the Department under the bond credit program.(b) Under the bond credit program, the Department will reserve a portion of the bond credit special account in the Remining Financial Assurance Fund as collateral for a bond credit upon execution of the agreement for reclamation provided for in § 86.293 (relating to issuance). The amount of the reserve will be the lesser of the operator's cost of reclamation or the Department's cost of reclamation for the abandoned mine lands to be reclaimed under the agreement. The Department will not reserve funds for bond credits in excess of the amount of funds available in the special account.(c) Upon declaration of forfeiture on a permit where a bond credit is being used, the reserved funds will be used by the Department in accordance with the procedures and criteria in §§ 86.187 -86.190.