(a) Before the Administrator may issue a new, renewal or modification permit, the applicant shall furnish financial security, naming the City as beneficiary, in an amount determined by the Administrator to be sufficient to ensure the performance of the reclamation of the mining location.
(b) Financial security shall be in the form of a bond from a corporate surety licensed to do business as such in the State of Indiana, an irrevocable letter of credit, or any other form the Administrator may deem acceptable. Any interest accruing as a result of such security shall be the exclusive property of the operator.
(c) The amount shall be based upon the estimated cost of reclaiming the affected land, which shall be derived from information contained in the permit application and upon such information as an investigation by the Administrator may disclose based on the actual cost of reclamation to the City.
(d) The financial security shall remain in full force and effect until the Administrator has approved the reclamation. The operator may secure the release of that portion of the financial security for affected land on which reclamation has been completed and approved by the Administrator.
(e) The Administrator has the right to continue the financial security for two years after reclamation has been completed to assure that the reclamation of the area will succeed.
(f) If the financial security required under this Article shall for any reason be cancelled, the operator shall provide a valid replacement under the same conditions as described in this section within 30 days after receiving notice thereof. Failure to provide replacement financial security within such period shall result in the automatic and immediate suspension of the mining permit, which suspension shall continue until the operator provides the Administrator with satisfactory evidence of the establishment of replacement financial security.
(g) If the operator fails to commence or to complete the reclamation as required, the Administrator may attach the financial security furnished by the operator. In any event, the full cost of completing reclamation shall be the primary liability of the operator and/or the person engaged in mining or processing and the secondary liability of the landowner, and the Administrator may bring suit to recover all costs to secure the reclamation not covered by the financial security. The materials, machinery, implements, and tools of every description which may be found at the mine, or other assets of the operator and/or the person engaged in mining shall be subject to a lien of the Administrator for the amount expended for reclamation of affected land and shall not be removed without the written consent of the Administrator. Such lien may be foreclosed under state law in the same manner as a mechanic's lien.
(Ord. D-1686-04, 4-18-05)