Section 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.

Historical Notes

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

Statutory Authority

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