444.368. Financial assurance instrument required, form, amount--confidential information not to be released--duration, use, forfeiture--release of.
Financial assurance instrument required, form, amount--confidentialinformation not to be released--duration, use, forfeiture--release of.
444.368. 1. Before a permit can be issued, the operatorshall file a demonstration of financial assurance in the form ofa bond, certificate of deposit, letter of credit, insurance,company guarantee, escrow agreement or other form of financialassurance as approved by the director.
2. Any financial assurance instrument shall be in such formas the director prescribes, to the benefit of the state ofMissouri, conditioned that the operator shall faithfully performall terms of the permit and all requirements of sections 444.352to 444.380. The financial assurance instrument shall be signedby the operator and shall be in the penal sum of one thousanddollars for each acre or fraction of an acre of the metallicminerals waste management area, but not less than twenty thousanddollars for each permit. In a particular instance where thecircumstances are such as to warrant an exception, the director,in his discretion, may reduce the amount of the bond for aparticular operation to less than the required amount, but in noevent less than the minimum of twenty thousand dollars for eachpermit.
3. The financial assurance instrument shall remain ineffect until the area has been closed, approved and released bythe director.
4. If a bond is furnished, it shall be signed by theoperator as principal, and by a good and sufficient corporatesurety, licensed to do business in this state as surety.
5. No financial assurance instrument shall be canceled orterminated by the operator except after no less than ninety days'notice and substitution by some other financial assuranceapproved by the director. An operator shall not operate ametallic minerals waste management area at any time withoutadequate financial assurance approved by the director.
6. In the event a company guarantee is furnished, it shallbe in the form of a letter, duly executed by an officer of thecompany, guaranteeing the required amount of financial assurance,accompanied by a financial test statement demonstrating ownershipof real property or mining rights in the state of Missouri of anassessed valuation of at least three times the amount of therequired financial assurance.
7. In the event a company furnishes an "other form offinancial assurance" as provided in subsection 1 of this section,which is in the form of a financial test based on informationsuch as income, net worth, assets, liabilities, or workingcapital, and such information is not customarily disclosed by thecompany to the general public, such information, at the writtenrequest of the company, shall be confidential and shall not bedisclosed by the director or employees of the department ofnatural resources.
8. The director shall give written notice to the operatorof any violation of sections 444.352 to 444.380 and if correctivemeasures are not commenced within ninety days, the director mayproceed as provided in section 444.378 to request forfeiture ofthe financial assurance.
9. The director may conduct remedial measures in keepingwith provisions of sections 444.352 to 444.380 with respect toland upon which financial assurance has been forfeited.
10. Whenever an operator has completed all requirementsfor closure and inspection-maintenance under the conditions ofthis permit and the provisions of sections 444.352 to 444.380 asto any area, he shall notify the director. If the directordetermines that the operator has completed the requirements forany area or portion of an area, the director shall release theoperator from further obligations regarding the affected land andthe financial assurance shall be released or reducedproportionately.
(L. 1989 H.B. 321 § 8, A.L. 1993 H.B. 312 & 257)