California Public Resources Code

§ 2773.1.5

PRC § 2773.1.5 Effective Jan 1, 2018Div. 2 · Ch. 9 · Art. 5

Statute text

(a)Notwithstanding subdivision (e) of Section 2773.1, a financial assurance mechanism may include corporate financial tests combined with surety bonds, irrevocable letters of credit, or trust funds, as described in this section, that together ensure the completion of reclamation in accordance with the approved reclamation plan.

(b)(1) Corporate financial tests shall only be allowed after the board adopts a regulation that establishes a comprehensive analysis and test of a corporation’s financial status that includes, but is not limited to, all of the following:

(A)A minimum financial net worth of at least thirty-five million dollars ($35,000,000), adjusted annually to reflect changes in the Consumer Price Index, as calculated by the United States Bureau of Labor Statistics.

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Legislative history

Amended by Stats. 2017, Ch. 521, Sec. 39. (SB 809) Effective January 1, 2018.