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(a) Unless the department waives the requirement after considering the applicant's history of compliance and the potential risk to the state, the applicant shall furnish security acceptable to the department. The department may accept as security
(1) a personal bond accompanied by
(A) an irrevocable letter of credit issued by a bank or other financial institution authorized to do business in the United States;
(B) a certificate of deposit in the amount of the bond issued in sole favor of the department by a bank or other financial institution authorized to do business in this state; or
(C) a cash deposit maintained in a depository account as directed by the commissioner;
(2) a corporate surety bond from a surety company authorized to do business in this state; or
(3) other security acceptable to the department.
(b) Security furnished in accordance with (a) of this section must be conditioned upon compliance with all terms of the permit. The department will determine the amount of the security, if required, based on the scope and nature of the activity planned and the potential cost of restoring the permit site. A permit that requires security will not be issued until acceptable security has been furnished.
History: Eff. 1/1/70, Register 32; am 12/7/2002, Register 164
Authority: AS 38.05.020
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Last modified 7/05/2006