HomeMy WebLinkAbout81-135 000-000-000Tri Counties Bank Account Number:
+, Date Account Opened:
Certificate of Deposit Receipt Account Type:
Amount of Deposit: Three Thousand Dollars And No Cents
70224
O1/25/2008
l Month )Guarantee
$ 3,000.00
Received from: NORTH CONTINENT LAND &TIMBER INC.. Issuer: Chico Park Plaza
.780 Mangrove Avenue
Chico, CA 95926
Payable to: PAYABLE TO BUTTE CO & ST. OF CA. DEPT. OF CONSERVATION By:
Maturity Date: This account matures on 2/25/2008
Rate Information: The interest rate for this account is 1.193 % with an annual percentage yield of 1.20 %.
Interest Payment Method: Interest payments will be made by capitalization
Withdrawal of Interest: Interest that has accrued during a term can be withdrawn without penalty.
Terms and Conditions: Please see the Deposit Agreement and.Disclosures booklet (NA -12) for the terms and conditions of your account with
Tri Counties Bank.
® Automatic Renewal: This account will automatically renew at maturity: You•.may prevent renewal if you withdraw the funds in the account,
or we receive written notice from you, at maturity (or within the grace period).. If you prevent renewal, .interest will not accrue after final
maturity. Each renewal term will be the same as the original term, beginning on the maturity date, except for promotional accounts which
may be offered for terms other than -standard terms, in which case.the renewal term will be a term closest to the original promotional term as
offered on standard certificates of deposit. The renewal interest rate will be the same we offer on new time deposits on the maturity date,
which have the same term, minimum balance (if any) and other features as the original time deposit, (or in the case of a promotional account,
the renewal interest rate will be that which we offer at that time using the standard term closest to the original promotional term).
❑ Non -Automatic Renewal: This account will not automatically renew at maturity. If you do not renew the account, the interest will not
• accrue after maturity.
Mer FDIC
brayn._... 1%25/2008
•
NORTH CONTINENT LAND & TIMBER, INC.
Exhibit B
Financial Assurance Guidelines
CERTIFICATE OF DEPOSIT
WRITTEN INSTRUCTIONS FOR THE ESTABLISHMENT AND ENCASHMENT OF
A CERTIFICATE OF DEPOSIT TO BE ISSUED FOR North Continent Land &
Timber, Inc. for Ronald R. Logan Mining and Reclamation Permit # 81-135. .
The certificate of deposit (the "CD") is to be established and encashed through the
following procedures:
Applicant's bank or financial institution will.issue a CD in the amount of $3,000.00,
which will be automatically renewed each month through the year until reclamation has
been .completed or unless it is determined pursuant to the terms of the California. Surface
Mining and Reclamation Act (SM[ARA), Public Rescues Code Section -2710, et seq.,`that
the financial assuranceshould be adjusted. Should this occur, Applicant will be required
to make the necessary adjustment and submit a new CD. The certificate itself will bear a
notation evidencing automatic renewal. and will name both .the - :State of California.
County. of Butte, Department. of Development Services (the'"Lead Agency") and, 'in
the alternative, the State of California. Department.of Conservation (the "Department
1 of Conservation"), as payees.
The bank or financial institution shall be authorized to encash the CD at any time at the
request of the Lead Agency and/or the Department of Conservation, and to deliver such
funds to the Lead Agency , or the Department of Conservation upon written certification
from the Lead Agency and/or the Department of Conservation that Applicant has failed
to perform any applicable requirement of Reclamation Plan Number
Encashment of the CD by the Lead ' Agency or the Department .of Conservation is
predicated upon the Lead Agency or the California State Mining and Geology Board
following the noticing and hearing procedures set forth in SMARA Section 2773. 1, and
upon its written certification that such procedures have been followed.
The bank or financial institution shall be authorized to encash the CD at the instance and
request of Applicant, and to deliver such funds to Applicant, only upon receipt of a
written release from the Lead Agency and the Department of Conservation relinquishing
their claim to the CD.
The bank or financial institution shall provide a letter (signed by a duly authorized officer
of the financial institution) to the Lead Agency and the Department of Conservation
verifying the CD and the procedures by which the CD may be encashed.
4950 Cohasset Road • Suite 10 • Chico, Califomia • 95973 203