New Mexico Administrative Code
Title 19 - NATURAL RESOURCES AND WILDLIFE
Chapter 2 - STATE TRUST LANDS PART 24 CULTURAL PROPERTIES PROTECTION
Part 2 - LEASING FOR GENERAL MINING
Section 19.2.2.38 - CONSOLIDATION OF FINANCIAL ASSURANCE FOR MULTIPLE LEASES
Universal Citation: 19 NM Admin Code 19.2.2.38
Current through Register Vol. 35, No. 18, September 24, 2024
Lessees having multiple leases with the commissioner may, with the approval of the commissioner, provide one instrument to fulfill their total financial assurance obligations under all such leases regarding the protection of tangible surface improvements. The commissioner shall fix the amount of the lessee's consolidated financial assurance obligation, which amount shall not be less than twenty-five thousand dollars. The lessee's obligation to provide financial assurance for payment of royalties and reclamation of trust surface estate is not eligible for coverage under this section.
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