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(a) Every mineral lease and permit may contain a provision requiring that an acceptable bond in the minimum amount required by the section of this title dealing with the specific mineral involved be filed before beginning any permit or lease operation.
(b) The amount of the bond is the amount determined by the commissioner to be justified by the nature of the surface, its uses and improvements in the vicinity of the lands, and the degree of the risks involved in the types of operations to be carried on under the lease or permit.
(c) Every bond must be either
(1) a corporate surety bond with a corporate surety qualified to do business as such in Alaska; or
(2) a personal bond accompanied by a deposit of cash in the amount of the bond, or negotiable federal or Alaska securities in a sum equal at par value to the amount of the bond together with a sufficient conveyance to the commissioner of full authority to sell the securities in the event of default in the performance of the conditions of the bond.
(d) Every bond must be conditioned upon faithful compliance with all the provisions of the lease or permit.
(e) The principal on any bond must be the lessee of record unless the lease is subject to an operating agreement which has been approved by the commissioner, in which case the operator may be the principal in place of the lessee of record.
(f) Bonds must be furnished on forms provided by the department.
History: Eff. 9/5/74, Register 51; am 7/22/79, Register 71
Authority: AS 38.05.020
AS 38.05.145 (a)
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Last modified 7/05/2006