Operators of nonmetallic mining sites in the Town, except as provided under § 357-25, shall prepare and submit a proof of financial assurance as provided below:
A. 
Notification. The county shall provide written notification to the operator of the amount of financial assurance required under Subsection C.
B. 
Filing. Following approval of the nonmetallic mining reclamation plan, and as a condition of issuing the permit, the operator shall submit the financial assurance to the county. The financial assurance shall provide that the operator shall faithfully perform all requirements in this chapter and the reclamation plan. Financial assurance shall be payable exclusively to the Town, except as provided in Subsection F and except as provided in the intergovernmental agreement between the Town and Washington County.
C. 
Amount and duration of financial assurance. The amount of financial assurance shall equal as closely as possible the cost to the Town or county of hiring a contractor to complete either final reclamation or interim reclamation according to the approved reclamation plan for all sites the operator has under project permits. The county shall consider and may include the estimated costs under § 357-22D(5) in determining the amount of the financial assurance. The county shall review periodically the amount of financial assurance to assure it equals outstanding reclamation costs. The county may accept a lesser initial amount of financial assurance, provided that the permittee initiates a process to continuously increase the amount of financial assurance until it is adequate to effect reclamation. The period of the financial assurance is dictated by the duration of mining operations, including reclamation, and shall continue until such time that the county certifies final reclamation is complete.
D. 
Form and management. The form of financial assurance shall be subject to approval by the county and payable to the Town or county. Financial assurance methods include but are not limited to cash, bond, certificates of deposit, irrevocable letters of credit, irrevocable trusts, demonstration of financial responsibility by meeting net worth requirements, or government securities. Any earned interest from the financial assurance shall be paid to the operator. Certificates of deposit and other assurances with maturity dates shall be automatically renewable, or other assurances shall be provided to the Town or county at least 30 days before their maturity date.
E. 
Multiple projects. Any operator who obtains a permit from the Town for two or more nonmetallic mining sites may elect, at the time the second or subsequent site is approved, to post a single financial assurance in lieu of separate financial assurance instruments for each nonmetallic mining site. When an operator elects to post a single financial assurance for multiple projects, no financial assurances previously posted on individual mining sites shall be released until the new financial assurance has been accepted by the Town.
F. 
Multiple jurisdictions. In cases where the Town and at least one other unit of government have jurisdiction over a single mining site, a cooperative financial security arrangement may be developed and implemented, as provided in Ch. NR 135, Wis. Adm. Code.
G. 
Certification of completion and release. The operator shall provide written notification to the county that final reclamation of any portion of the mining site or the entire site is complete. The county shall inspect the mine site or portion thereof that was the subject of the notice of completion as set forth under § 357-48 and release or partially release financial assurance as set forth under § 357-49.
H. 
Forfeiture. Financial assurance shall be forfeited if any of the following occur:
(1) 
A permit is revoked under § 357-38, and the appeals process under Article XII has been completed.
(2) 
An operator ceases mining operations and fails to reclaim the site in accordance with the approved reclamation plan.
I. 
Cancellation. Financial assurance shall provide that it may not be canceled or otherwise expire by the surety or other holder or issuer without a ninety-day written notice by registered or certified mail. Not less than 30 days prior to the expiration of the ninety-day notice of cancellation, the operator shall deliver to the county and the Town a replacement proof of financial assurance. In the absence of this replacement financial assurance, all mining shall cease until the time it is delivered and in effect.
J. 
Changing methods of financial assurance. The operator of a nonmetallic mining site may change from one method of financial assurance to another. This may not be done more than once a year unless required by an adjustment imposed pursuant to Subsection L. The operator shall give Washington County and the Town at least 60 days' written notice prior to changing methods of financial assurance and may not actually change methods without the written approval of Washington County and the Town.
K. 
Bankruptcy notification. The operator of a nonmetallic mining site shall notify the county and Town by certified mail of the commencement of a voluntary or involuntary proceeding under the Bankruptcy Code, 11 U.S.C. et seq., naming the operator as debtor, within 10 days of commencement of the proceedings, by providing a copy of the bankruptcy petition and associated schedules.
L. 
Adjustment of financial assurance. Financial assurance may be adjusted when required by the county or the Town. The county or the Town may notify the operator in writing that adjustment is necessary and the reasons therefor. The county or the Town may adjust financial assurance based upon prevailing or projected interest or inflation rates or the latest cost estimates for reclamation.
M. 
Net worth test.
(1) 
Only an operator that meets the definition of "company" in § 289.41(1)(b), Wis. Stats., may use the net worth method of providing financial assurance.
(2) 
The operator shall submit information to the county in satisfaction of the net worth test requirements of § 289.41(4), Wis. Stats. The criteria in § 289.41(6)(b), (d), (e), (f), (g), (h) and (i), Wis. Stats., shall apply.
(3) 
An operator using the net worth test to provide financial assurance for more than one mine shall use the total cost of compliance for all mines in determining the net worth to reclamation cost ratio in accordance with § 289.41(6), Wis. Stats.
(4) 
Determinations under the net worth test shall be done in accordance with § 289.41(5), Wis. Stats.
(5) 
In addition, the operator shall submit a legally binding commitment to faithfully perform all compliance and reclamation work at the mine site that is required under this chapter.
The financial assurance requirements under this article do not apply to nonmetallic mining conducted by the State of Wisconsin, a state agency, board, commission or department, town, county, or a municipality.