AGENCY: School and Institutional Trust Lands Administration

SERIES: 30447
TITLE: Bond records
DATES: 1970-
ARRANGEMENT: Alphabetical by company name.

DESCRIPTION: These are bonds in the form of a performance bond, surety bond, certificate of deposit, letter of credit, negotiable certificates of deposit, cashier's check, or receipt of cash provided by the operator as set forth in Utah Administrative Codes R850-21-800, R850-22-800, R850-23-800, and R850-24-600. The bond is used to ensure that the operator complies with all lease obligations. Information provided with bond includes the bond number, surety, well location, bond amount, power of attorney, and the date and terms of the bond.

RETENTION

Retain for 1 year(s) after final action

DISPOSITION

Destroy.

RETENTION AND DISPOSITION AUTHORIZATION

Retention and disposition for this series were specifically approved by the Records Management Committee.

APPROVED: 01/2023

FORMAT MANAGEMENT

Paper: Retain in Office for 1 year after final action and then destroy.

Computer data files: Retain in Office for 1 year after final action and then delete.

APPRAISAL

Administrative Fiscal

Bond remains active until all reclamation has been completed and finalized across all applicable leases, or any leases retained under the initial bond are assigned to the new lessee.

PRIMARY DESIGNATION

Protected. Utah Code 63G-2-305(2) (2022)

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