N.M. Admin. Code § 19.8.14.1406
Current through Register Vol. 35, No. 18, September 24, 2024
Section 19.8.14.1406 - GENERAL TERMS AND CONDITIONS OF BONDA. The performance bond shall be in an amount determined by the director as provided in 19.8.14.1405 NMAC.B. The performance bond shall be payable to the state of New Mexico.C. The performance bond shall be conditioned upon faithful performance of all the requirements of the act, 19.8.14 NMAC, 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 19.8.14.1403 NMAC.E. Insolvency or bankruptcy. (1) The bond shall provide a mechanism for a bank or surety company to give prompt notice to the director 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 director. The director, upon notification received through procedures of Paragraph (1) of Subsection E of 19.8.14.1406 NMAC 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 coal extraction and shall comply with the provisions of 19.8.20.2074 NMAC and shall immediately begin to conduct reclamation operations in accordance with the reclamation plan. Mining operations shall not resume until the director has determined that an acceptable bond has been posted.N.M. Admin. Code § 19.8.14.1406
11-29-97; 19.8.14.1406 NMAC - Rn, 19 NMAC 8.2.14.1406, 9-29-2000; A, 12-31-2007