(1) If the department requires that financial assurance be provided as a condition for a permit under s. 30.19, 30.195, or 30.20 or for a contract under s. 30.20 for nonmetallic mining and reclamation, the financial assurance may be a bond or alternative financial assurance. An alternative financial assurance may include cash or any of the following:
(a) A certificate of deposit.
(b) An irrevocable letter of credit.
(c) An irrevocable trust.
(d) An escrow account.
(e) A government security.
(f) Any other demonstration of financial responsibility.
(2) Any interest earned by the financial assurance shall be paid to the person operating the nonmetallic mining or reclamation project.