350.515 Mandatory participation in fund -- Initial capitalization -- One-time

356 words·~2 min read·/ky/350-515

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

assessments -- Full-cost bond in lieu of participation.

(1)Any permittee of a surface coal mining operation, as defined in KRS 350.010(1),

located in Kentucky who meets the criteria set forth in this section and in

administrative regulations promulgated by the cabinet, shall be a mandatory

participant in the fund, except as provided in subsection

(5)of this section.

(2)The initial capitalization of the fund shall be accomplished in the following manner:

(a)Transfer of the assets and liabilities of the voluntary bond pool fund to the

Kentucky reclamation guaranty fund upon March 22, 2013; and

(b)On the date of the establishment of the fund, each entity holding a permit

subject to subsection

(1)of this section shall be liable to the fund for the

following one

(1)time assessments, which shall be payable to the fund within

thirty

(30)days' notice of the amounts thereof:

1. A start-up assessment of one thousand five hundred dollars ($1,500);

and

2. An assessment of ten dollars ($10) per active permitted acre.

(3)Members of the former voluntary bond pool as established prior to March 22, 2013,

shall be exempt from the requirements of subsections (2)(b) and

(4)of this section.

(4)Entities entering the fund after the date of the establishment of the fund shall pay a

one

(1)time assessment of ten thousand dollars ($10,000) to the fund. The cabinet

shall not issue a permit to the entity until the one

(1)time assessment is paid.

(5)Member entities shall be given the option to provide full-cost bonds based on a

reclamation cost estimate that reflects reclamation costs to the cabinet and certified

by a registered professional engineer in lieu of participation in the fund. The

estimate's calculations shall be equivalent to those set forth in the United States

Office of Surface Mining Reclamation and Enforcement's Handbook for the

Calculation of Reclamation Bond Amounts, OSM Directive TSR-1, and calculated

on forms developed by the cabinet. If an applicant opts out and elects to provide a

full-cost bond, the applicant shall not be subject to any fees or to any provisions of

KRS 350.500 to 350.521.