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2007 Laws of Maryland
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Ch. 17
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MARYLAND, or negotiable bonds of the United States government with the
Department in lieu of a corporate surety. The cash deposit or market value of the
securities may not be less than the required sum of the bond.
15-823.
(a) After receiving notification from the Department that the application for
a permit has been approved, but prior to commencing mining, the applicant shall file
with the Department a bond for each mining operation, on a form to be prescribed and
furnished by the Department, payable to the State and conditioned that the operator
will perform faithfully all the requirements of this subtitle.
(d) The bond shall be executed by the permittee and corporate surety
licensed to do business in the State. In lieu of a corporate surety, one of the following
shall be acceptable:
(1) Deposits of cash or negotiable bonds of the United States
government. The cash deposit or market value of the securities shall be equal at least
to the required sum of the bond. The Department, on receipt of any deposit of cash or
securities, immediately shall forward it to the State Treasurer, who shall receive and
hold the bond in the name of the State, in trust, for the purposes for which the deposit
is made. The State Treasurer at all times is responsible for the custody and
safekeeping of these deposits. The permittee making the deposit may demand and
receive from the State Treasurer the whole or any portion of any securities so
deposited, on depositing with the State Treasurer other negotiable securities of the
classes specified in this section having a market value at least equal to the sum of the
bond;
(2) A certificate of deposit if it is equivalent to the required bond,
issued by a bank [within] AUTHORIZED TO DO BUSINESS IN the State PHYSICALLY
LOCATED IN THE STATE OR THAT OTHERWISE SUBJECTS ITSELF TO THE
JURISDICTION OF THE U.S. DISTRICT COURT FOR THE DISTRICT OF
MARYLAND, and accompanied by written agreement of the bank to pay on demand to
the State in event of forfeit; or
(3) An irrevocable letter of credit if it is equivalent to the required
bond, issued by a bank [within] AUTHORIZED TO DO BUSINESS IN the State
PHYSICALLY LOCATED IN THE STATE OR THAT OTHERWISE SUBJECTS ITSELF TO
THE JURISDICTION OF THE U.S. DISTRICT COURT FOR THE DISTRICT OF
MARYLAND, and expressly states that the total sum is guaranteed to be available,
and payable directly to the State on demand for the surface mining and reclamation.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
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- 744 -
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