§ 105-449.133. Bond or letter of credit required as a condition of obtaining and keeping certain licenses. - North Carolina Statutes

§ 105‑449.133.  Bond orletter of credit required as a condition of obtaining and keeping certainlicenses.

(a)        Who Must Have Bond.– The following applicants for a license must file with the Secretary a bond oran irrevocable letter of credit:

(1)        An alternative fuelprovider.

(2)        (Effective untilJanuary 1, 2009) A retailer or a bulk‑end user that intends to storehighway and nonhighway alternative fuel in the same storage facility.

(2)        (EffectiveJanuary 1, 2009) A retailer or a bulk end‑user that intends to storehighway and nonhighway alternative fuel in the same storage facility.

(b)        Amount. – Theamount of the bond is the amount that would be required if the fuel theapplicant intended to provide or store was motor fuel rather than alternativefuel. An applicant that is also required to file a bond or an irrevocableletter of credit under G.S. 105‑449.72 to obtain a license as adistributor of motor fuel may file a single bond or irrevocable letter ofcredit under that section for the combined amount.

A bond filed under thissubsection must be conditioned upon compliance with this Article, be payable tothe State, and be in the form required by the Secretary. The Secretary mayrequire a bond issued under this subsection to be adjusted in accordance withthe procedure set out in G.S. 105‑449.72 for adjusting a bond filed by adistributor of motor fuel.  (1995, c. 390, s. 3; 1997‑60, s. 23; 2008‑134,s. 55.)