- 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.
Statutory Authority
§§ 45.1-161.3 and 45.1-261.1 of the Code of Virginia.
Historical Notes
Derived from VR 480-03-20 § 1, eff. March 16, 1984; amended, Virginia Register Volume 28, Issue 20, eff. July 19, 2012.