(a) Each applicant foran operating permit, or for the renewal of a permit shall, following theapproval of the application, file and maintain in force a bond in favor of theState of North Carolina, executed by a surety approved by the Commissioner ofInsurance, in the amount set forth below. The bond herein provided for must becontinuous in nature and shall remain in force until cancelled by the surety.Cancellation by the surety shall be effectuated only upon 60 days writtennotice thereof to the Department and to the operator.
(b) The applicant shallhave the option of filing a separate bond for each operating permit or offiling a blanket bond covering all mining operations within the State for whichthe applicant holds a permit. The amount of each bond shall be based upon thearea of affected land to be reclaimed under the approved reclamation plan orplans to which the bond pertains, less any area where reclamation has beencompleted and released from coverage by the Department, pursuant to G.S. 74‑56,or based on any other criteria established by the Mining Commission. TheDepartment shall set the amount of the required bond in all cases, based upon aschedule established by the Mining Commission.
(c) The bond shall beconditioned upon the faithful performance of the requirements set forth in thisArticle and of the rules adopted under this Article. Upon filing the bond withthe Department, the operator shall lose all right, title, and interest in thebond while the bond is held by the Department. Liability under the bond shallbe maintained as long as reclamation is not completed in compliance with theapproved reclamation plan unless released only upon written notification fromthe Department. Notification shall be given upon completion of compliance oracceptance by the Department of a substitute bond. In no event shall theliability of the surety exceed the amount of the surety bond required by thissection.
(d) In lieu of thesurety bond required by this section, the operator may file with the Departmenta cash deposit, an irrevocable letter of credit, a guaranty of payment from anacceptable bank, an assignment of a savings account in an acceptable bank on anassignment form prescribed by the Department, or other security acceptable tothe Department. Security shall be subject to the release provisions of G.S. 74‑56.
(e) If the license todo business in North Carolina of any surety upon a bond filed pursuant to thisArticle should be suspended or revoked, the operator shall, within 60 daysafter receiving notice thereof, substitute for the surety a good and sufficientcorporate surety authorized to do business in this State. Upon failure of theoperator to substitute sufficient surety within the time specified, theoperator's permit shall be automatically revoked. (1971, c. 545, s. 9; 1981, c.787, s. 4; 1987, c. 827, s. 85; 1993 (Reg. Sess., 1994), c. 568, s. 5.)
(a) Each applicant foran operating permit, or for the renewal of a permit shall, following theapproval of the application, file and maintain in force a bond in favor of theState of North Carolina, executed by a surety approved by the Commissioner ofInsurance, in the amount set forth below. The bond herein provided for must becontinuous in nature and shall remain in force until cancelled by the surety.Cancellation by the surety shall be effectuated only upon 60 days writtennotice thereof to the Department and to the operator.
(b) The applicant shallhave the option of filing a separate bond for each operating permit or offiling a blanket bond covering all mining operations within the State for whichthe applicant holds a permit. The amount of each bond shall be based upon thearea of affected land to be reclaimed under the approved reclamation plan orplans to which the bond pertains, less any area where reclamation has beencompleted and released from coverage by the Department, pursuant to G.S. 74‑56,or based on any other criteria established by the Mining Commission. TheDepartment shall set the amount of the required bond in all cases, based upon aschedule established by the Mining Commission.
(c) The bond shall beconditioned upon the faithful performance of the requirements set forth in thisArticle and of the rules adopted under this Article. Upon filing the bond withthe Department, the operator shall lose all right, title, and interest in thebond while the bond is held by the Department. Liability under the bond shallbe maintained as long as reclamation is not completed in compliance with theapproved reclamation plan unless released only upon written notification fromthe Department. Notification shall be given upon completion of compliance oracceptance by the Department of a substitute bond. In no event shall theliability of the surety exceed the amount of the surety bond required by thissection.
(d) In lieu of thesurety bond required by this section, the operator may file with the Departmenta cash deposit, an irrevocable letter of credit, a guaranty of payment from anacceptable bank, an assignment of a savings account in an acceptable bank on anassignment form prescribed by the Department, or other security acceptable tothe Department. Security shall be subject to the release provisions of G.S. 74‑56.
(e) If the license todo business in North Carolina of any surety upon a bond filed pursuant to thisArticle should be suspended or revoked, the operator shall, within 60 daysafter receiving notice thereof, substitute for the surety a good and sufficientcorporate surety authorized to do business in this State. Upon failure of theoperator to substitute sufficient surety within the time specified, theoperator's permit shall be automatically revoked. (1971, c. 545, s. 9; 1981, c.787, s. 4; 1987, c. 827, s. 85; 1993 (Reg. Sess., 1994), c. 568, s. 5.)
(a) Each applicant foran operating permit, or for the renewal of a permit shall, following theapproval of the application, file and maintain in force a bond in favor of theState of North Carolina, executed by a surety approved by the Commissioner ofInsurance, in the amount set forth below. The bond herein provided for must becontinuous in nature and shall remain in force until cancelled by the surety.Cancellation by the surety shall be effectuated only upon 60 days writtennotice thereof to the Department and to the operator.
(b) The applicant shallhave the option of filing a separate bond for each operating permit or offiling a blanket bond covering all mining operations within the State for whichthe applicant holds a permit. The amount of each bond shall be based upon thearea of affected land to be reclaimed under the approved reclamation plan orplans to which the bond pertains, less any area where reclamation has beencompleted and released from coverage by the Department, pursuant to G.S. 74‑56,or based on any other criteria established by the Mining Commission. TheDepartment shall set the amount of the required bond in all cases, based upon aschedule established by the Mining Commission.
(c) The bond shall beconditioned upon the faithful performance of the requirements set forth in thisArticle and of the rules adopted under this Article. Upon filing the bond withthe Department, the operator shall lose all right, title, and interest in thebond while the bond is held by the Department. Liability under the bond shallbe maintained as long as reclamation is not completed in compliance with theapproved reclamation plan unless released only upon written notification fromthe Department. Notification shall be given upon completion of compliance oracceptance by the Department of a substitute bond. In no event shall theliability of the surety exceed the amount of the surety bond required by thissection.
(d) In lieu of thesurety bond required by this section, the operator may file with the Departmenta cash deposit, an irrevocable letter of credit, a guaranty of payment from anacceptable bank, an assignment of a savings account in an acceptable bank on anassignment form prescribed by the Department, or other security acceptable tothe Department. Security shall be subject to the release provisions of G.S. 74‑56.
(e) If the license todo business in North Carolina of any surety upon a bond filed pursuant to thisArticle should be suspended or revoked, the operator shall, within 60 daysafter receiving notice thereof, substitute for the surety a good and sufficientcorporate surety authorized to do business in this State. Upon failure of theoperator to substitute sufficient surety within the time specified, theoperator's permit shall be automatically revoked. (1971, c. 545, s. 9; 1981, c.787, s. 4; 1987, c. 827, s. 85; 1993 (Reg. Sess., 1994), c. 568, s. 5.)
