This text of Iowa § 207.10 (Performance bond requirement) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.After a permit application has been approved but before issuance, the applicant shall
file with the division, on a form furnished by the division, a bond for performance payable to
the state and conditioned upon faithful performance by the operator of all requirements of
this chapter and all rules adopted by the division pursuant to this chapter.
2.The bond shall be signed by the operator as principal and by a corporate surety
licensed to do business in Iowa as surety. In lieu of a bond, the operator may deposit cash,
or government securities, or certificates of deposit or letters of credit with the division on
the same conditions as for filing of bonds.
3.The amount of the bond or other security required to be filed with the division shall
be equal to the estimated cost of reclamatio
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1. After a permit application has been approved but before issuance, the applicant shall
file with the division, on a form furnished by the division, a bond for performance payable to
the state and conditioned upon faithful performance by the operator of all requirements of
this chapter and all rules adopted by the division pursuant to this chapter.
2. The bond shall be signed by the operator as principal and by a corporate surety
licensed to do business in Iowa as surety. In lieu of a bond, the operator may deposit cash,
or government securities, or certificates of deposit or letters of credit with the division on
the same conditions as for filing of bonds.
3. The amount of the bond or other security required to be filed with the division shall
be equal to the estimated cost of reclamation of the site if performed by the division. The
estimated cost of reclamation of each individual site shall be determined by the division on
the basis of relevant factors. The division may require each applicant to furnish information
necessary to estimate the cost of reclamation. The amount of the bond or other security
may be increased or reduced as the permitted operation changes, or when the cost of future
reclamation changes. However, the bond amount shall not be less than ten thousand dollars.
4. Liability under the bond shall be for the duration of the coal mining and reclamation
operation and for a period coincident with operator’s responsibility for revegetation
requirements in the rules promulgated under section 207.7.
5. If the license to do business in Iowa of a surety of a bond filed with the division
is suspended or revoked, the operator, within thirty days after receiving notice from the
division, shallsubstituteanothersurety. Iftheoperatorfailstomakesubstitution, thedivision
may suspend the operator’s authorization to conduct mining on the site covered by the bond
until substitution has been made. The commissioner of insurance shall notify the division
whenever the license of any surety providing bond for an operator is suspended or revoked.
6. Notwithstanding sections 12C.7, subsection 2, and 666.3, the interest or earnings on
investments or time deposits of the proceeds of a performance bond forfeited to the division,
cash deposited under subsection 2, any funds provided for the abandoned mine reclamation
program under section 207.21 and any civil penalties collected pursuant to sections 207.14
and 207.15 shall be credited to the payment of costs and administrative expenses associated
with the reclamation, restoration or abatement activities of the division. The division may
expend funds credited to it under this subsection to conduct reclamation activities on any
areas disturbed by coal mining not subject to a presently valid permit to conduct surface
mining.