45.1-183 - Bond of operator. - Virginia Statutes

§ 45.1-183. Bond of operator.

Each operator at the time of filing his application shall furnish bond on aform to be prescribed by the Director payable to the Department andconditioned that the operator shall faithfully perform all of therequirements of this chapter and of the operations plan as approved anddirected by the Department. The amount of bond shall be no less than $200 normore than $1,000 per acre, based upon the number of acres of land which theoperator estimates will be affected by mining operations during the nextensuing year. The minimum amount of bond furnished shall be $1,000, except inareas of five acres or less the bond shall be no less than $200 nor more than$1,000 per acre. Such bond shall be executed by the operator and by acorporate surety licensed to do business in this Commonwealth; provided,however, that in lieu of such bond the operator may deposit cash orcollateral security acceptable to the Director.

(1968, c. 734; 1970, c. 245; 1972, c. 206; 1974, c. 312; 1977, c. 312.)