25 Pa. Code § 86.291 - Financial assurance for bond credit-general
(a) In the Remining Financial Assurance Fund
there is a special account providing financial assurance for the bond credit
program. Funds in the special account may be used to financially assure bond
obligations of a qualified operator who has voluntarily completed a reclamation
project approved by the Department under the bond credit program.
(b) Under the bond credit program, the
Department will reserve a portion of the bond credit special account in the
Remining Financial Assurance Fund as collateral for a bond credit upon
execution of the agreement for reclamation provided for in §
86.293 (relating to issuance). The
amount of the reserve will be the lesser of the operator's cost of reclamation
or the Department's cost of reclamation for the abandoned mine lands to be
reclaimed under the agreement. The Department will not reserve funds for bond
credits in excess of the amount of funds available in the special
account.
(c) Upon declaration of
forfeiture on a permit where a bond credit is being used, the reserved funds
will be used by the Department in accordance with the procedures and criteria
in §§
86.187 -86.190.
Notes
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