060-23 Wyo. Code R. §§ 23-12 - Bonds
(a) A lessee is not required to post a bond
until actual operations, including exploration activities, are to be commenced
on the leased lands. Before commencing actual operations, the lessee shall
advise the Office and outline in detail the nature of the operations proposed.
Operations shall not commence until an adequate bond has been furnished and
approved.
(b) The bond shall be in
an amount found by the Director sufficient to protect and indemnify the State
of Wyoming and shall be in the form approved by the Wyoming Attorney General.
Two (2) executed copies of the bond must be submitted to the Office. The bond
shall bind the principal and its surety for:
(i) The payment of all moneys, rents, and
royalties accruing to the Board;
(ii) Full compliance with all applicable
statutes and terms and conditions of the Board's leases and rules and
regulations;
(iii) Reclamation of
the surface; and
(iv) For the
payment of all disturbances to the surface and improvements thereon.
(c) The bond shall be one of the
following:
(i) A corporate surety bond
executed by the lessee and by a surety authorized to do business in the
state;
(ii) A cash bond;
(iii) A certified cashier's check made
payable to the Office of State Lands and Investments;
(iv) A certificate of deposit in the name of
the Office of State Lands and Investments;
(v) Non-revocable letters of credit;
or
(vi) AAA-rated debentures of
sufficient market value to meet bonding minimums with a signed stock power made
out to the Office of State Lands and Investments.
(d) In lieu of individual lease bonds, the
lessee may request and the Director may allow the lessee to file a corporate
surety bond in the sum of not less than one hundred thousand dollars ($100,000)
covering all of the lessee's state leases.
(e) The furnishing of a bond as required by
the Wyoming Department of Environmental Quality or some other agency having
jurisdiction over the proposed operation shall not relieve the lessee of the
duty to furnish bond as required by this section, but such fact shall be taken
into account by the Director in determining a waiver of the bonding requirement
or the amount of the bond to be required.
(f) The lessee shall promptly advise the
Office of any change in operations. The Office may at any time reduce or
increase the amount of the bond as conditions may require.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.