ORS 517.815
Reclamation bond pooling program
- requirements
- rules
(1)
The State Department of Geology and Mineral Industries may establish and administer a program that provides for the pooling of reclamation bonds to assist:(a)
An operator in complying with the reclamation bond requirements of ORS 517.810 (Requirement for bond or security);(b)
A person engaging in small mining operations or small exploration projects on federally managed lands to comply with financial guarantee requirements imposed by the Federal Land Policy and Management Act of 1976 (P.L. 94-579) or regulations adopted to implement the Act under 43 U.S.C. 1740; or(c)
A person engaging in any form of mining or exploration to comply with bonding requirements imposed pursuant to county ordinance.(2)
The program must:(a)
Be designed to reduce the financial burden of obtaining a reclamation bond for mining or exploration.(b)
Require each person participating in the program to:(A)
Pay an amount into the pool each year that is actuarially determined to enable the program to be self-sustaining and pay for the costs of the department in administering the program;(B)
Execute an agreement, on a form provided by the department, to indemnify the pool for any claims made against the reclamation bond; and(C)
Provide security approved by the State Geologist, if the State Geologist considers security necessary to ensure against the possible forfeiture of the reclamation bond.(c)
Use the moneys in the pool to cover the bonded liability of persons participating in the program.(d)
Provide a limit on the total bonded liability of any person that may be covered under the program.(e)
Provide conditions for the release or forfeiture of bonds.(f)
Provide that a person that participates in the program has obtained security acceptable to the department as required by ORS 517.810 (Requirement for bond or security).(3)
The department may adopt rules relating to the development and administration of the program established under this section. [2003 c.646 §2]
Source:
Section 517.815 — Reclamation bond pooling program; requirements; rules, https://www.oregonlegislature.gov/bills_laws/ors/ors517.html.
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