Missouri Revised Statutes
Chapter 444
Rights and Duties of Miners and Mine Owners
←444.365
Section 444.368.1
444.370→
August 28, 2015
Financial assurance instrument required, form, amount--confidential information not to be released--duration, use, forfeiture--release of.
444.368. 1. Before a permit can be issued, the operator shall file a
demonstration of financial assurance in the form of a bond, certificate of
deposit, letter of credit, insurance, company guarantee, escrow agreement or
other form of financial assurance as approved by the director.
2. Any financial assurance instrument shall be in such form as the
director prescribes, to the benefit of the state of Missouri, conditioned that
the operator shall faithfully perform all terms of the permit and all
requirements of sections 444.352 to 444.380. The financial assurance
instrument shall be signed by the operator and shall be in the penal sum of
one thousand dollars for each acre or fraction of an acre of the metallic
minerals waste management area, but not less than twenty thousand dollars for
each permit. In a particular instance where the circumstances are such as to
warrant an exception, the director, in his discretion, may reduce the amount
of the bond for a particular operation to less than the required amount, but
in no event less than the minimum of twenty thousand dollars for each permit.
3. The financial assurance instrument shall remain in effect until the
area has been closed, approved and released by the director.
4. If a bond is furnished, it shall be signed by the operator as
principal, and by a good and sufficient corporate surety, licensed to do
business in this state as surety.
5. No financial assurance instrument shall be cancelled or terminated by
the operator except after no less than ninety days' notice and substitution by
some other financial assurance approved by the director. An operator shall
not operate a metallic minerals waste management area at any time without
adequate financial assurance approved by the director.
6. In the event a company guarantee is furnished, it shall be in the
form of a letter, duly executed by an officer of the company, guaranteeing the
required amount of financial assurance, accompanied by a financial test
statement demonstrating ownership of real property or mining rights in the
state of Missouri of an assessed valuation of at least three times the amount
of the required financial assurance.
7. In the event a company furnishes an "other form of financial
assurance" as provided in subsection 1 of this section, which is in the form
of a financial test based on information such as income, net worth, assets,
liabilities, or working capital, and such information is not customarily
disclosed by the company to the general public, such information, at the
written request of the company, shall be confidential and shall not be
disclosed by the director or employees of the department of natural resources.
8. The director shall give written notice to the operator of any
violation of sections 444.352 to 444.380 and if corrective measures are not
commenced within ninety days, the director may proceed as provided in section
444.378 to request forfeiture of the financial assurance.
9. The director may conduct remedial measures in keeping with provisions
of sections 444.352 to 444.380 with respect to land upon which financial
assurance has been forfeited.
10. Whenever an operator has completed all requirements for closure and
inspection-maintenance under the conditions of this permit and the provisions
of sections 444.352 to 444.380 as to any area, he shall notify the director.
If the director determines that the operator has completed the requirements
for any area or portion of an area, the director shall release the operator
from further obligations regarding the affected land and the financial
assurance shall be released or reduced proportionately.
(L. 1989 H.B. 321 § 8, A.L. 1993 H.B. 312 & 257)
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