SB395-SA4,2,126
293.51
(1r) Before closure of the mining waste site, the operator shall provide
7proof of financial responsibility to the department in an amount equal to the
8reasonably anticipated costs during the period between 40 and 250 years after
9closure of the mining waste site to repair or replace any engineered cover systems
10or tailings water management control systems used at the mining site or mining
11waste site to avoid adverse environmental consequences. At the time that the
12application for a mining permit is approved, the department shall determine the
13amount based on the net present value discounted at a rate of at least 5 percent per
1year, and identify the reasonably anticipated costs that the amount is intended to
2cover. The operator shall provide proof of financial responsibility in the form of a cash
3deposit, which the department shall segregate and invest in an interest-bearing
4account; certificates of deposit, government securities, or other interest-bearing
5forms of security; or proof of establishment of an interest-bearing account, including
6an escrow account or trust account. The operator or any successor in interest may
7use the funds or request the department release the funds to cover any reasonably
8anticipated costs that were identified by the department. The department shall
9release any remaining funds to the operator or the operator's successor in interest
10after all of the reasonably anticipated costs that were identified by the department
11have been incurred, or upon determining that the reasonably anticipated costs are
12no longer applicable.”.
