§ 105-449.133. Bond or letter of credit required as a condition of obtaining and keeping certain licenses.
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§ 105-449.133. Bond or letter of credit required as a condition of obtaining and keeping certain licenses.
(a)Who Must Have Bond. - The following applicants for a license must file with the Secretary a bond or an irrevocable letter of credit:
(1)An alternative fuel provider.
(2)A retailer or a bulk end-user that intends to store highway and nonhighway alternative fuel in the same storage facility.
(b)Amount. - The amount of the bond is the amount that would be required if the fuel the applicant intended to provide or store was motor fuel rather than alternative fuel. An applicant that is also required to file a bond or an irrevocable letter of credit under G.S. 105-449.72 to obtain a license as a distributor of motor fuel may file a single bond or irrevocable letter of credit under that section for the combined amount.
A bond filed under this subsection must be conditioned upon compliance with this Article, be payable to the State, and be in the form required by the Secretary. The Secretary may require a bond issued under this subsection to be adjusted in accordance with the procedure set out in G.S. 105-449.72 for adjusting a bond filed by a distributor of motor fuel. (1995, c. 390, s. 3; 1997-60, s. 23; 2008-134, s. 55.)