Reclamation Fund Created — Financial Assurance

TITLE 47 MINES AND MINING CHAPTER 18 FINANCIAL ASSURANCE 47-1803. Reclamation fund created — Financial assurance. (1) The state treasurer shall be the custodian of an interest-bearing, dedicated fund known as the "Reclamation Fund" which is hereby created. The reclamation fund shall be funded by payments from applicable parties, interest and cost recoveries initiated by the state board of land commissioners. All payments, interest and cost recoveries shall be established by the state board of land commissioners. (2)  An operator’s commitment to reclaim affected lands and operator’s payments to the reclamation fund shall be documented on a department of lands form requiring that the operator shall faithfully perform the requirements of the approved plan and comply with all administrative rules and policy governing the operation. (3)  Moneys accruing to or received by the fund shall be expended by the department of lands, after approval by the state board of land commissioners and upon legislative appropriation, for reclamation of mines subject to the provisions of this chapter. Moneys in excess of those needed for reclamation liabilities shall be utilized, after approval of the state board of land commissioners, for mine administration, abandoned mine land reclamation or educational purposes. The state board of land commissioners shall adopt policy to determine an appropriate minimum balance to be maintained in the reclamation fund for reclamation liabilities.