§ 290-065. FINANCIAL ASSURANCE

(a)

A financial assurance guaranteeing the completion of reclamation activities pursuant to the approved Reclamation Plan, shall be filed for all active and idle surface mining operations. The amount of the financial assurance shall be adjusted annually as required by the Department to reflect changes in the mining operation, reclamation activities previously completed and cost of living increases. The form of the financial assurance shall be either surety bonds, irrevocable letters of credit, trust funds or other mechanism approved by the State Board.

(b)

Any cost incurred by the County to establish the amount of the financial assurance or annual adjustment thereto shall be paid, by the operator and/or landowner, as established by resolution of the Board.

(c)

Cost estimates for the financial assurance shall be submitted to the Department for review and approval prior to the operator securing financial assurances. The Department shall forward a copy of the cost estimate, together with any documentation supporting the estimate, to the State Department of Conservation for review. After receipt back of comments from the State, if any, the Director shall approve the financial assurance cost estimate if it meets the requirements of this Chapter, SMARA and State regulations.