(A) The commission shall approve or deny a financial assurances proposal after conducting a public hearing. At the public hearing, the commission shall consider any comments received from the State Department of Conservation.
(B) The commission may approve a financial assurances proposal upon making the following findings:
(1) The financial assurances proposal complies with the SMARA, the SMARA Regulations and this chapter.
(2) The financial assurances proposal is sufficient to fund the amount required by section 25-50(B) of this chapter.
(C) If the commission does not approve a financial assurances proposal, the director shall return the proposal to the applicant within 60 days. The applicant shall have 60 days from the date on which the financial assurances proposal is returned to revise the proposal to address identified deficiencies.
(D) The director shall send a copy of each approved financial assurances proposal to the Department of Conservation, together with any relevant supporting documents.
(Ord. No. 2579)