4 Va. Admin. Code § 25-130-800.23

Current through Register Vol. 41, No. 8, December 2, 2024

Section 4VAC25-130-800.23 - Escrow bonding

(a) The division may authorize the permittee to supplement a bonding program through the establishment of an escrow account deposited in one or more federally insured accounts payable on demand only to the division or deposited with the division directly. Contributions to the account may be based on acres affected or tons of coal produced or any other rate approved by the division. In all cases, the total bond including any escrow amount, as determined by the division in the bonding schedule, shall not be less than the amount required under 4VAC25-130-800.14 or Part 801, including any adjustments, less amounts released under 4VAC25-130-800.40 or Part 801.

(b) Escrow funds deposited in federally insured accounts shall not exceed the maximum insured amount under applicable Federal insurance programs such as by FDIC or FSLIC.

(c) Interest paid on escrow accounts shall be retained in the escrow account and applied to the bond value of the escrow account unless the division has approved that the interest be paid to the permittee. In order to qualify for interest payment, the permittee shall request such action in writing during the permit application process under 4VAC25-130-800.11.

(d) Certificates of deposit may be substituted for escrow accounts upon approval of the division. Provisions of 4VAC25-130-800.21 shall apply to certificates of deposit as collateral bond.

4 Va. Admin. Code § 25-130-800.23

Derived from VR480-03-19 § 800.23, eff. December 15, 1981; amended, eff. June 28, 1982; October 28, 1982; December 14, 1982; October 11, 1983; December 27, 1983; May 8, 1984; June 22, 1984; August 2, 1984; October 16, 1985; January 7, 1987; July 22, 1987; November 25, 1987; October 12, 1988; December 26, 1990; July 1, 1991; July 17, 1991; November 20, 1991; July 7, 1992; May 5, 1993; October 19, 1994.

Statutory Authority

§§ 45.1-161.3 and 45.1-230 of the Code of Virginia.