UNITED STATES
DEPARTMENT OF THE INTERIOR
BUREAU OF INDIAN AFFAIRS
COLLECTIVE BOND
Environmental Remediation Holding Corp.,
Bass American Petroleum Corp., & MIII Corp.
KNOW ALL MEN BY THESE PRESENTS, That we, _____________________________
_____________________________ of 420 Jericho Trnpike, Jericho, NY , as principal
_______, and Insurance Company of the State of Pennsylvania of
, as suret , are held and firmly bound unto the United States of
America in the sum of seventy-five thousand dollars ($75,000). lawful money of
the United States, for the payment of which, well and truly to be made, we bind
ourselves and each of us, our and each of our heirs, successors, executors,
administrators, and assigns, jointly and severally, firmly by these presents.
Sealed, with our seals and dated this 22 day of July , 1997.
The condition of this obligation is such that whereas the said principal , as
lessee ha heretofore or may hereafter enter into or otherwise acquire an
interest in oil and gas mining leases on the Uintah and Ouray Reservation in the
State of Utah, of various dates and periods of duration, covering lands or
interests in lands held by the United States in trust for individual Indians, or
bands or tribes of Indians, or subject to restrictions against alienation
without the consent of the Secretary of the Interior, or his authorized
representative, which leases and permits have been or may hereafter be granted
or approved by the Secretary of the Interior, or his authorized representative,
and the identification of which herein is expressly waived by both principal and
suret hereto.
WHEREAS the principal and suret agree that the coverage of this bond shall
extend to and include all extensions and renewals of the leases and permits
covered by this bond, such coverage to continue without any interruption due to
the expiration of the term set forth therein.
WHEREAS the suret hereby waive any right to notice of any modification of any
such lease or permit, or obligation thereunder whether effected by extension of
time for performance, by commitment of such lease to unit, cooperative, or
communitization agreement, by waiver, suspension, or change in rental, except
and increase thereof, by minimum royalty payment, except an increase thereof, by
compensatory royalty payment, or otherwise, this bond to remain in full force
and effect notwithstanding.
WHEREAS the principal and suret agree that the neglect or forbearance of any
obligee under this bond in enforcing the payment of any rental or royalty or the
performance of any other conventant, condition, or agreement of any such lease
or permit shall not in any way release the principal and suret , or either
of them, from any liability under this bond; and
WHEREAS the principal and suret agree that in the event of any default under any
such lease or permit, the obligee may prosecute any claim, suit, action, or
other proceeding against the principal and suret , or either of them, without
the necessity of joining the other.
Now, if the said principal herein shall faithfully carry out and observe all the
obligations assumed in such leases and permits to which is now or may hereafter
become a party, and shall observe all the laws of the United States and
regulations made or which shall be made thereunder, for the government of trade
and intercouse with Indian tribe, and all rules and regulations that have been
or shall hereafter be lawfully prescribed by the Secretary of the Interior
relative to such mining leases and permits, and shall in all particulars comply
with the provisions of such leases, permits, rules, and regulations, then this
obligation shall be null and void; otherwise, to remain in full force and
effect.
The rate of premium charge on this bond is $ ; the total premium
paid is ____________.
Signed and sealed in the presence of
WITNESSES: *
Signed by Noreen G. Wilson, V.P.
/s/Noreen G. Wilson
Sealed by :
P. O. as to Environment Remediation [SEAL]
Holding Corporation
/s/William W. Wilson witness 7-28-97 &
Bass Environmental
P. O. Petroleum Corp.
&
/s/Gerald Latullippe 7-22-97 MIII Corp.
P. O. as to
P. O. as to
P. O.
P.O.
* Two witnesses to all signatures
APPROVED: DEPARTMENT OF THE INTERIOR
Bureau of Indian Affairs
Insurance Company of the State of Pennsylvania
, 19
/s/Haywood L. Willis
Haywood L. Willis, Attorney-In-Fact
Superintendant
The Insurance Company of the State of Pennsylvania POWER OF ATTORNEY
Principal Bond Office 70 Pine Street, New York, NY 10270
No. CIPINESTR
KNOW ALL MEN BY THESE PRESENTS:
That The Insurance Company of the State of Pennsylvania, a Pennsylvania
corporation, does hereby appoint
- --Michael F. Greer, Kenneth Cornell, Haywood L. Willis, Susan Radwanski, Vivian
Mattox, Tracy Boone, Denise Lanatto: of New York, New York---
its true and lawful Attorney(s)-in-Fact, with full authority to execute on its
behalf bonds, undertakings, recognizances and other contracts of indemnity and
writings obligatory in the nature thereof, issued in the course of its business,
and to binds the company thereby.
IN WITNESS WHEREOF, The Insurance Company of the State of Pennsylvania has
executed these presents
this 9th day of April , 1997
[SEAL]
/s/David J. Walsh
David J. Walsh, Senior Vice President
STATE OF NEW YORK
COUNTY OF NEW YORK ss.
On this 9th day of April, 1997 before /s/Carol Ragab
me came the above named officer of The CAROL RAGAB
Insurance Company of the State of Notary Public, State of New York
Pennsylvania, to me personally known to No. 01RA5052011
be the individual and officer described Qualified in Kings County
herein, and acknowledged that he executed Commission Expires Nov. 13, 1997
the foregoing instrument and affixed the
seal of said corporation thereto by
authority of his office.
CERTIFICATE
Excerpts of Resolution adopted by the Board of Directors of The Insurance
Company of the State of Pennsylvania, on May 18, 1976:
"RESOLVED, that the Chairman of the Board, the President, or any Vice President
be, and hereby is, authorized to appoint Attorneys-in-Fact to represent and act
for and on behalf of the Company to execute bonds, undertakings, recognizances
and other contracts of indemnity and writings obligatory in the nature thereof,
and to attach thereto the corporate seal of the Company, in the transaction of
its surety business;
"RESOLVED, that the signatures and attestations of such officers and the seal of
the Company may be affixed to any such Power of Attorney or to any certificate
relating thereto by facsimile, and any such Power of Attorney or certificate
bearing such facsimile signatures or facsimile seal shall be valid and binding
upon the Company when so affixed with respect to any bond, undertaking,
recognizance or other contract of indemnity or writing obligatory in the nature
thereof;
"RESOLVED, that any Attorney-in-Fact delivering a secretarial certification that
the foregoing resolutions still be in effect may insert in such certification
the date thereof, said date to be not later than the date of delivery thereof by
such Attorney-in-Fact."
I, Elizabeth M. Tuck, Secretary of The Insurance Company of the State of
Pennsylvania, do hereby certify that the foregoing excerpts of Resolution
adopted by the Board of Directors of this corporation, and the Power of Attorney
issued pursuant thereto, are true and correct, and that both the Resolution and
the Power of Attorney are in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the facsimile seal
of the corporation
this 22nd day of July , 1997
[SEAL] /s/Elizabeth M. Tuck
Elizabeth M. Tuck, Secretary
The Insurance Company of the
State of Pennsylvania
Executive Offices
70 Pine Street
New York, NY 10270
FINANCIAL STATEMENT
as of December 31, 1996
ASSETS
Bonds $609,672,652
Stocks 490,322,429
Collateral Loans -0-
Cash & Short-Term Investments 840,837
Agents Balances or Uncollected Premiums 289,007,135
Funds Held by Ceding Reinsures 1,260,935
Reinsurance Recoverable on Loss Payments 70,524,427
Equities & Deposits in Pools & Associations 23,734,640
Other Admitted Assets 128,789,245
-----------
TOTAL ASSETS $1,614,152,300
LIABILITIES
Reserve for losses and loss Expense $746,162,443
Reserve for Unearned Premiums 189,453,341
Reserve for Expenses, Taxes,
Licenses and Fees 1,439,332
Provision for Reinsurance 22,785,096
Funds Held Under Reinsurance Treaties 14,927,709
Other Liabilities 17,735,784
Capital Stock 5,005,500
Surplus 616,643,095
TOTAL POLICYHOLDERS' SURPLUS 621,648,595
-----------
TOTAL LIABILITIES AND POLICYHOLDERS' SURPLUS $1,614,152,300
Bonds and stocks are valued in accordance with the basis adopted by the National
Association of Insurance Commissioners. Securities carried at $109,809,196 in
the above Statement are deposited as required by law.
CERTIFICATE
ELIZABETH M. TUCK, Secretary and MICHAEL J. CASTELLI, Comptroller of The
Insurance Company of the State of Pennsylvania being duly sworn, each for
himself deposes and says that they are above described officers of the said
Company and that on the 31st day of December, 1996, the Company actually
possessed the assets set forth in the foregoing statement and that such assets
were available for the payment of losses and claims and held for the protection
of its policyholders and creditors, except as hereinbefore indicated, and that
the foregoing statement is a correct exhibit of such assets and liabilities of
the said company on the 31st day of December, 1996, according to the best of
their information, knowledge and belief, respectively.
[SEAL] /s/Elizabeth M. Tuck /s/Michael J. Castelli
Secretary Comptroller
STATE OF NEW YORK
COUNTY OF NEW YORK
On this 1st Day of April , 1997. Before me came /s/Carol Ragab
the above named officers of the AIU Insurance CAROL RAGAB
Company, to me personally known to be the Notary Public, State of New York
individuals and officers described herein, No. 01RA5052011
and acknowledged that they executed the Qualified in Kings County
foregoing instrument and affixed the seal Commission Expires Nov. 13, 1997
of said corporation thereto by authority
of their office.