11 AAC 97.410. Personal bond and letter of credit, certificate of deposit, or deposit of cash or gold

(a) A personal bond must be submitted on a form prescribed by the commissioner and must be accompanied by

(1) an irrevocable letter of credit issued by a bank or other financial institution authorized to do business in the United States;

(2) a certificate of deposit in the amount of the bond issued in sole favor of the department by a bank or other financial institution authorized to do business in this state;

(3) a cash deposit maintained in a depository account as directed by the commissioner; or

(4) a deposit of gold held in escrow by a bank or other financial institution, payable to the State of Alaska if the bond is forfeited, and with a value of 25 percent more than the bond obligation, to allow for potential decreases in gold prices.

(b) A personal bond and letter of credit, certificate of deposit, or deposit of cash or gold must remain in effect until the reclamation of all land covered by the bond is completed to the standard of AS 27.19 and this chapter, and their release is approved by the commissioner.

History: Eff. 7/30/92, Register 123

Authority: Sec. 2, ch. 92, SLA

1990

AS 27.19.040

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