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• 084 <br /> GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1987 <br /> 1 The Commission shall determine the amount of the bond in each case in <br /> 2 accordance with rules promulgated by the Commission. The bond shall be <br /> 3 conditioned on compliance with this Article and the terms of the permit, shall be <br /> 4 payable to the State, shall be in a form acceptable to the Commission, and shall be <br /> 5 secured by: a corporate surety; a pledge of obligations of the federal government, the <br /> 6 State, or a political subdivision of the State; a cash deposit; or any other negotiable <br /> 7 security acceptable to the Commission. The applicant may file a separate bond for <br /> 8 each permit or a blanket bond for all permits to which this subsection applies. <br /> 9 The applicant shall maintain the bond at the amount determined by the <br /> 10 Commission. A blanket bond shall be maintained at the amount determined by the <br /> 11 commission until the expiration of all permits covered. If an applicant violates the <br /> 12 term of a permit to which this subsection applies, the Commission may reexamine the <br /> 13 bond amount to determine whether it should be increased. If, upon violation of a <br /> 14 permit term by an applicant the Commission takes any of the actions listed below, the <br /> 15 applicant shall immediately furnish the additional collateral needed to satisfy the <br /> 16 bond requirement as determined by the Commission: <br /> 17 (1) reexamines the bond and determines that the original amount of <br /> 18 the bond should be increased; or <br /> 19 (2) uses either a portion of the bond or the full amount of the bond to <br /> 20 take corrective action to remedy the violation; or <br /> 21 (3) increases the amount of the bond and uses all or part of the bond <br /> 22 to take corrective action as provided above. <br /> 23 In lieu of a bond as provided above, an applicant may enter into a written <br /> 24 operational agreement with the city or county in which the treatment works are <br /> 25 located. The agreement shall state that the applicant will not file a bond with the <br /> 26 Commission to secure the treatment works' compliance with this Article and the <br /> 27 terms of the permit. The agreement shall provide that if the Commission finds that <br /> 28 the applicant has violated the terms of the permit or the provisions of this Article and <br /> 29 notifies the city or county in writing to assume responsibility for the treatment works, <br /> 30 the city or county, as appropriate, shall assume maintenance, operational, and <br /> 31 financial responsibility for the treatment works. No permit may be issued until the <br /> 32 agreement is approved by the Commission. <br /> 33 Failure by an applicant to satisfy the terms of the permit or provisions of this <br /> 34 Article shall result in action on the bond or agreement by the Commission. The �I <br /> 35 proceeds from any action taken on a bond by the Commission shall be used to bring t:+ `� <br /> Page 2 House Bill 94 <br />