{"id":968,"date":"2013-04-27T05:05:03","date_gmt":"2013-04-27T05:05:03","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=968"},"modified":"2020-01-28T01:25:13","modified_gmt":"2020-01-28T01:25:13","slug":"california-reclamation-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/california-reclamation-bond\/","title":{"rendered":"California Reclamation Bond"},"content":{"rendered":"

A California reclamation bond<\/strong> is a type of “financial assurance” required by the California Department of Conservation, Office of Mine Reclamation under the “SMARA”.\u00a0SMARA is an acronym for the Surface Mining and Reclamation Act of 1975. SMARA<\/a> was enacted by the California Legislature in part to address to prevent or minimize the negative impacts of surface mining to public health, property and the environment.<\/p>\n

The California reclamation bond<\/strong> requirement is to support the goals of SMARA to\u00a0maintain water and air quality, minimize flooding, erosion, damage to wildlife and aquatic habitats caused by surface mining. \u00a0 \u00a0SMARA’s California financial assurance<\/strong> requirements apply to anyone, including government agencies, engaged in surface mining operations in California (including those on federally managed lands) which disturb more than one acre or remove more than 1,000 cubic yards of material. The California reclamation bond<\/strong> and SMARA rules apply to prospecting and exploratory activities, dredging and quarrying, streambed skimming, borrow pitting, and the stockpiling of mined materials.\u00a0SMARA requires that each mining operation have a surety bond to ensure that reclamation is performed in accordance with the approved reclamation plan. \u00a0The California reclamation bond<\/strong>\u00a0must be on the form approved by the State which is written as a non-cancelable obligation. \u00a0Even if a change of ownership occurs, the existing bond will remain in force until a replacement is approved.\u00a0SMARA requires that the bond be adjusted annually. The adjustments account for new lands disturbed, inflation and for reclamation of lands accomplished in accordance with the approved reclamation plan PRC 2773.1(a)(3)<\/a>. Thus, the California reclamation bond<\/strong> is calculated from the state of the mining operation each year (the cost to reclaim should the operation close during that year), not calculated from the final anticipated state of the land at the planned end of mining. \u00a0The Office of Mining Reclamation provides a very helpful guide<\/a> to reclamation California financial assurance<\/strong> instruments that can explain the process in depth. \u00a0Also, while the professional mining or “wildcatter” should be skillful in preparing reclamation estimates, the Office offer access to formulas for calculating the California reclamation bond<\/strong> amount on its website<\/a>. \u00a0In addition to the reclamation plan assurance the bond obligation also guarantees the payment of costs and reasonable expenses and fees, including reasonable attorney fees, incurred by the Obligee (county in which the mine is located) and in the alternative, the Department of Conservation, Office of Mine Reclamation as well as some strict notice requirements required of the surety.<\/p>\n

California surety bond leader<\/strong>\u00a0is a premier resource for any operation requiring reclamation bonding. Although this particular type of obligation is very\u00a0unattractive to surety companies because of its long term, non-cancelable and onerous terms, we\u00a0offer\u00a0reclamation bond<\/a><\/strong>\u00a0capacity for oil, coal, uranium, metal mining, and hydraulic fracturing \u201cfracking\u201d operations. \u00a0Visit us at https:\/\/suretyone.com\/reclamation-bond<\/a>\u00a0call\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0California reclamation bond<\/strong>\u00a0application or further information regarding your surety needs.<\/p>\n","protected":false},"excerpt":{"rendered":"

A California reclamation bond is a type of “financial assurance” required by the California Department of Conservation, Office of Mine Reclamation under the “SMARA”.\u00a0SMARA is an acronym for the Surface Mining and Reclamation Act of 1975. SMARA was enacted by… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[1212,1214,1213,1210,1211],"yoast_head":"\nCalifornia Reclamation Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/california-reclamation-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"California Reclamation Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A California reclamation bond is a type of “financial assurance” required by the California Department of Conservation, Office of Mine Reclamation under the “SMARA”.\u00a0SMARA is an acronym for the Surface Mining and Reclamation Act of 1975. SMARA was enacted by... 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