The operator must provide and maintain a performance bond, cash
escrow or a letter of credit, in a form acceptable to the Township,
to guarantee compliance with this chapter and the terms and conditions
of the development agreement. The Township shall have the right to
use the financial guaranty to remove stockpiles, complete site reclamation,
and correct other deficiencies or problems caused by the operator,
in the event the operator is in default of the obligations under this
chapter. The amount of financial guaranty shall not exceed $10,000
per acre of the mining operation used for extraction, stockpiling,
and processing activities. This amount may be increased by the Town
Board with reference to the increase in the Consumer Price Index (CPI)
for the Minneapolis-St. Paul Area. The financial guaranty shall remain
in full force and effect for a minimum period of nine months or after
reclamation or cleanup of the site is complete, whichever is longer.
