(a) After a surface coal mining and reclamation permit application has been approved but before the permit is issued, the applicant shall file a bond with the Arkansas Department of Environmental Quality. This bond shall be on a form furnished by the department in accordance with the regulations issued by the Arkansas Pollution Control and Ecology Commission. It shall be for performance or acceptable alternative payable, as appropriate, to the department of and conditioned upon faithful performance of all the requirements of this chapter, the regulations issued pursuant to this chapter, and the permit.

(b) All forfeitures collected under this chapter shall be deposited into a separate Mining Reclamation Trust Fund which shall be maintained by the department. The fund may only be used to accomplish reclamation of land covered by forfeitures of performance bonds.

(c) The regulations shall include provisions for posting a bond sufficient to cover that area of land within the permit area upon which the operator will initiate and conduct surface coal mining and reclamation operations within the initial term of the permit and for filing additional bonds to cover succeeding increments of area within the permit upon which the operator intends to conduct surface coal mining and reclamation operations.

(d) Liability under the bond shall be for the duration of the surface coal mining and reclamation operation and for that period required to establish successful revegetation in accordance with the regulations issued by the commission.

(e) The amount of the bond shall be sufficient to assure the completion of the reclamation plan if the work had to be performed by the department in the event of forfeiture. In no case shall the bond for the entire area under one (1) permit be less than ten thousand dollars ($10,000).

(f) The commission shall issue regulations setting out the criteria and procedures for processing requests for the release of all or any part of a performance bond provided that no bond shall be fully released until all reclamation requirements of this chapter and the regulations issued pursuant to this chapter are fully met. Regulations shall include provisions for public notice of all requests for full or partial releases, an inspection and evaluation of the reclamation work, and a schedule for partial releases.

(g) Any person having an interest which is or may be adversely affected, or the office or head of any federal, state, or local affected governmental agency may, in accordance with §§ 15-58-209 -- 15-58-211, file written objections to the proposed release from bond and request an adjudicatory public hearing.