Lapse of eligibility certification; surety bond

(a) Upon the Commission's written notice to the applicant, the project's certification as a State-certified project shall lapse not earlier than 180 days after the issuance of notice of eligibility certification upon the Commission's determination that an applicant has failed to provide satisfactory evidence that the project has substantially commenced and will be substantially completed as proposed. (b) At any time after certification of a project as a State-certified project, the Commission may direct the applicant to file a surety bond at the applicant's sole cost and expense and in such form and principal amount as the Commission may determine to assure completion of the project or construction of any project installation in accordance with the application documents submitted to the Commission. Such surety bond shall be issued by a bonding or insurance company authorized and licensed to do business in this State and in good standing and which shall be rated "A-" or better by the latest edition of A.M. Best's Ratings Guide or, if such Guide is no longer available, any generally recognized replacement therefore. The Commission shall be named in any such bond as a dual obligee.