(A) (1) If the Commissioners require the applicant to post a bond, the applicant shall post a bond or an irrevocable letter of credit in the form and amount prescribed by the Commissioners.
(2) The bond or irrevocable letter of credit must be payable to the county and conditioned that the applicant:
(a) Perform all the requirements of this chapter; and
(b) Comply with all the conditions of the permit;
(B) A bond must be signed by the applicant as principal and by a good and sufficient surety, which is licensed to do business in the state, as surety, an irrevocable letter of credit must be signed by the applicant as principle and by a federally insured financial institution. The penalty for the bond or irrevocable letter of credit must be an amount as determined by the Commissioners for the lands to be affected by the surface mining.
(C) The bond or irrevocable letter of credit must contain terms that require the surety or financial institution to give written notice to the Commissioners at least 90 days before the surety or financial institution may cancel the operator’s bond or irrevocable letter of credit.
(D) The bond or irrevocable letter of credit must remain in effect until the mined acreages have been reclaimed, approved and released by the Commissioners.
(E) The Commissioners have the authority to reclaim any affected land that is related to a bond or irrevocable letter of credit that has been forfeited. The amount of the bond or irrevocable letter of credit forfeiture reduces the operator’s liability to reclaim the affected lands in an amount equal to the forfeiture.
(BC Ord. 1995-14, passed 10-23-1995)