Wisconsin Statutes 30.201 – Financial assurance for nonmetallic mining
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Terms Used In Wisconsin Statutes 30.201
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
(1) If the department requires that financial assurance be provided as a condition for a permit under s. 30.19, 30.195, or 30.20 or for a contract under s. 30.20 for nonmetallic mining and reclamation, the financial assurance may be a bond or alternative financial assurance. An alternative financial assurance may include cash or any of the following:
(a) A certificate of deposit.
(b) An irrevocable letter of credit.
(c) An irrevocable trust.
(d) An escrow account.
(e) A government security.
(f) Any other demonstration of financial responsibility.
(2) Any interest earned by the financial assurance shall be paid to the person operating the nonmetallic mining or reclamation project.