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(a) For any geothermal operation under a prospecting permit or lease, a surface-damage bond is required in the amount of at least $10 per acre or $10,000, whichever is greater.
(b) The bond required under (a) of this section will be released upon the following conditions:
(1) the expiration or relinquishment of a geothermal prospecting permit or lease; and
(2) the rehabilitation of the prospecting permit area or the lease area to the satisfaction of the commissioner.
(c) The commissioner will, in his or her discretion, after notice to the holder of a geothermal prospecting permit or lease and a reasonable opportunity for the holder to be heard, require a bond in a reasonable amount greater than the amount specified in (a) of this section, if a greater amount is justified by the nature of the surface and its uses and by the degree of risk involved in the types of operations carried out under a prospecting permit or lease.
(d) Except for unit bonds under 11 AAC 84.940, statewide bonds do not satisfy the requirements of a bond imposed by (a) of this section but they may be considered by the commissioner in determining the need for and the amount of any additional bond under (c) of this section.
History: Eff. 8/22/82, Register 83; am 3/30/84, Register 89
Authority: AS 38.05.020
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Last modified 7/05/2006