(2) An applicant for an easement to place an undersea cable within the territorial sea shall acquire and maintain, until construction of the undersea cable is completed, financial assurance to ensure that the applicant constructs the undersea cable according to the terms and conditions of the easement. The amount of financial assurance required under this subsection shall be an amount determined by the Department of State Lands to be sufficient based on the scale of the project.
(3) At least 180 days before decommissioning an undersea cable, the owner or operator of the undersea cable shall submit to the department for approval a decommissioning plan that includes:
(a) A cost estimate, prepared by a person qualified by experience and knowledge to prepare the estimate, for decommissioning the cable and restoring the area authorized by the easement to a natural condition;
(b) A detailed description of and proposed schedule for the decommissioning and restoration work, including any corrective action that may be required under the easement;
(c) A detailed description of segments of bore pipe and undersea cable proposed to be left in place to avoid or minimize impacts to aquatic resources; and
(d) A proposed form of financial assurance in an amount equal to the cost estimate under paragraph (a) of this subsection.
(4) Within 30 days of receiving a decommissioning plan under subsection (3) of this section, the department shall approve the plan or request revisions to the plan or additional information. If, after receiving revisions to the decommissioning plan or additional information, the department rejects the plan, the owner or operator of the undersea cable must within 90 days submit to the department an application for an easement for the encroachment created by the undersea cable.
(5) The owner or operator of an undersea cable may not begin decommissioning and restoration work unless:
(a) The department has approved a decommissioning plan under subsection (4) of this section;
(b) The owner or operator has acquired the financial assurance required under subsection (3) of this section; and
(c) The owner or operator has provided to the department notice that the work will begin at least 60 days prior to beginning the work.
(6) The financial assurance requirements established by subsections (2) and (3) of this section may be satisfied by furnishing a financial assurance instrument that is:
(a) A surety bond, cash deposit or certificate of deposit; and
(b) In the name of the State of Oregon. [2021 c.534 §1]
Note: 274.714 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 274 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.