Okla. Admin. Code § 460:10-23-5

Current through Vol. 42, No. 4, November 1, 2024

Section 460:10-23-5 - Adjustment of amount

(a) The amount of the performance bond liability applicable to a permit shall be adjusted by the Department as the acreage in the permit area is revised, methods of mining operation change, standards of reclamation change, or when the cost of future reclamation, restoration, or abatement work changes. The Department shall notify persons involved in bond coverage of any proposed bond adjustments and provide those persons an opportunity for an informal conference on the adjustment. For purposes of this Section, a person involved in bond coverage shall include the permittee, the surety and any other person with a property interest in collateral posted under the bonding regulations who has in writing to the Department requested such notification at the time the collateral is posted or the interest is acquired, whichever occurs later. The Department shall review each outstanding performance bond at the time permit reviews are conducted under 460:10-19-1, and shall re-evaluate those performance bonds in accordance with the standards in Section 460:10-23-2.

(b) A permittee, surety, or any person with property interest in collateral offered as bond coverage may request reduction of the required performance bond amount upon submission of evidence to the Department proving that the permittee's method of operation or other circumstances will reduce the maximum estimated cost to the Department if it has to complete the reclamation and therefore warrants a reduction of the bond amount. The request shall be considered as a request for partial bond release in accordance with the procedures of Subchapter 27 of this Chapter.

Amended by Oklahoma Register, Volume 31, Issue 24, September 2, 2014, eff. 9/12/2014