N.M. Admin. Code § 19.10.12.1206

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.10.12.1206 - ADJUSTMENT OF AMOUNT

A. The amount of the financial assurance required and the terms of its acceptance shall be adjusted by the director from time-to-time as the area requiring financial assurance is increased or decreased or when the future reclamation or closeout costs change. The director may specify periodic times or set a schedule for re-evaluating and adjusting the financial assurance amount.

B. The director shall:

(1) notify the permittee, the surety, any person with a property interest in collateral who has requested notification under Subsection C, Paragraph 4 of 19.10.12.1208 NMAC and any person who has requested notification of actions concerning the mining operation, of any proposed adjustment to the financial assurance amount; and

(2) provide the permittee an opportunity for an informal conference on the adjustment.

C. Permittee may request reduction of the amount of the financial assurance upon submission of evidence to the director demonstrating that the permittee's methods of operation or other circumstances reduce the estimated cost for the state of New Mexico or its contractor to reclaim or complete the closeout plan for the area. Adjustments which involve undisturbed land or revision of the cost estimate for reclamation or closeout plan completion are not considered financial assurance release subject to procedures of 19.10.12.1210 NMAC.

D. In the event that the approved permit is revised or modified, the director shall review the financial assurance for adequacy, and if necessary, shall require adjustment of the financial assurance to conform to the permit as revised or modified.

N.M. Admin. Code § 19.10.12.1206

7-12-94, 2-15-96; 19.10.12.1206 NMAC - Rn, 19 NMAC 10.2.12.1206, 05-15-2001; A, 12-30-03