SECTION 12.308. Form of the Performance Bond

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(a) The form for the performance bond shall be prescribed by the Commission in accordance with this section. The Commission may allow for:
(1) a surety bond;
(2) a collateral bond;
(3) an escrow account bond;
(4) self-bonding; or
(5) combined surety/escrow bonding.
(b) Where the mining operation is owned by two or more persons or entities, the Commission shall allow each person to provide separate financial assurance provided that the total of such assurance is sufficient to accomplish reclamation.
(c) A blanket bond covering statewide or countywide operations may be furnished if the terms and conditions thereof are sufficient to comply with the regulations in §§12.308 through 12.311 of this title (relating to Form, Conditions, and Terms of Performance Bond and Liability Insurance), and if approved by the Commission.

Source Note: The provisions of this §12.308 adopted to be effective April 7, 1997, 22 TexReg 3093.

                    
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