Alaska Administrative Code
Title 11 - Natural Resources
Part 6 - Lands
Chapter 97 - Mining Reclamation
Article 4 - Reclamation Bonding
11 AAC 97.410 - Personal bond and letter of credit, certificate of deposit, or deposit of cash or gold
Universal Citation: 11 AK Admin Code 97.410
Current through August 30, 2024
(a) A personal bond must be submitted on a form prescribed by the commissioner and must be accompanied by
(1) an irrevocable letter of credit issued by
a bank or other financial institution authorized to do business in the United
States;
(2) a certificate of
deposit in the amount of the bond issued in sole favor of the department by a
bank or other financial institution authorized to do business in this
state;
(3) a cash deposit
maintained in a depository account as directed by the commissioner;
or
(4) a deposit of gold held in
escrow by a bank or other financial institution, payable to the State of Alaska
if the bond is forfeited, and with a value of 25 percent more than the bond
obligation, to allow for potential decreases in gold prices.
(b) A personal bond and letter of credit, certificate of deposit, or deposit of cash or gold must remain in effect until the reclamation of all land covered by the bond is completed to the standard of AS 27.19 and this chapter, and their release is approved by the commissioner.
Authority: Sec. 2, ch. 92, SLA
1990
AS 27.19.040
Disclaimer: These regulations may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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