Persons licensed by the Department of Transportation to maintain and operate a ferry under ORS 384.105 to 384.150 shall be required to furnish a bond or an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 in such amount as the department requires. The bond or letter of credit shall be conditioned upon the faithful compliance with and performance of all the conditions, requirements and provisions contained in the license, and shall be in such form as the department may prescribe. The bond or letter of credit shall be made payable to the state. [Amended by 1991 c.331 61; 1997 c.631 469]
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