Oklahoma Administrative Code
Title 460 - Department of Mines
Chapter 10 - Non-Coal Rules and Regulations
Subchapter 25 - Form, Conditions, and Terms of Performance Bonds
Section 460:10-25-2 - Form of the performance bond

Universal Citation: OK Admin Code 460:10-25-2

Current through Vol. 41, No. 13, March 15, 2024

(a) The form of the performance bond shall be prescribed by the Department in accordance with the provisions of Subchapters 23 of this Chapter and this Subchapter. The Department may allow:

(1) A Surety Bond; or

(2) A Collateral Bond;

(b) An alternative bonding system may be approved if it will achieve the following objectives and purposes of the bonding program:

(1) The alternative must assure that the Department will have available sufficient money to complete the reclamation, restoration, and abatement provisions for all permit areas which may be in default at any time; and

(2) The alternative must provide a substantial economic incentive for the permittee to comply with all reclamation provisions.

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