77-3-313. Bond requirements. The board may also demand a surety company bond in a form and in an amount as it may determine, conditioned for the payment of all royalties due the state and for the carrying on of the mining operations according to the terms of the lease. However, a lessee may, in lieu of furnishing a surety company bond, increase the cash deposit provided for under this part in an amount that in the judgment of the board makes the furnishing of a bond unnecessary.