Common Contracts
1 similar Collateral Bond Agreement contracts
Collateral Bond Agreement-Cash Account Exploration and Production Waste Disposal FacilityCollateral Bond Agreement • April 9th, 2021
This agreement describes the mutually agreed upon instructions of the below signed parties to the State Treasurer, regarding the control, redemption, and release of the State Treasurer's above-described Cash Account, which is being used as principal to guarantee the availability for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. It is the intention of the parties that the Cash Account be utilized as principal to guarantee that the full principal amount will be available to the State of Utah, Division of Oil, Gas, and Mining (“Division”) for maintenance and operation of the above listed facility in such a manner as not to cause pollution of the waters of the state or other adverse environmental impacts, and upon abandonment of the facility and the proper closure of the facility site. Upon d
