Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 4. Conservation And Natural Resources
Agency 25. Department of Energy
Chapter 145. Regulations on the Eligibility of Certain Mining Operators to Perform Reclamation Projects
7/6/2022

4VAC25-145-40. Financial information; bonding.

A. Any operator bidding or seeking to bid on reclamation projects in the Commonwealth shall submit prior to the bidding, certification by a certified public accountant, that the company has a net worth of at least $1 million in order to qualify for 50% reduction in the performance bond. Certification of at least $500,000 will qualify the applicant for a reduction of 25% of the performance bond. Net worth under $500,000 will not be eligible for any adjustment in the bid and performance bond.

B. The director, or his designee, after reviewing the information contained in the certification described in subsection A of this section, shall adjust the bid and performance bonds accordingly unless he has information available to him that would contradict the net worth.

Statutory Authority

§§ 45.1-161.3 and 45.1-261.1 of the Code of Virginia.

Historical Notes

Derived from VR 480-03-20 § 1, eff. March 16, 1984; amended, Virginia Register Volume 28, Issue 20, eff. July 19, 2012.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.