Section 693.11 - Proof of financial responsibility(a) As a requirement for approval of a permit under this act for any category of dam, water obstruction or encroachment which may present a substantial potential risk to life or property, the Environmental Quality Board may, by regulation, authorize the department to require proof of financial responsibility or security assuring the proper construction, operation, maintenance and termination of such projects.(b) As proof of such responsibility or security, the regulations may require one or more of the following: (1) a Certificate of Public Convenience from the Public Utility Commission if the owner of the proposed facility is subject to regulation under the act of May 28, 1937 (P.L. 1053, No. 286), known as the "Public Utility Law"; (2) ownership or management of the facility by an agency of the Federal, interstate, State, county or municipal government; or(3) a bond or other legal device of a form acceptable to the department, payable to the Commonwealth, which guarantees proper construction, repair, operation and maintenance, inspections and monitoring of the facility and removal, if necessary. The amount of such shall be sufficient to cover all costs of entry, correction, repair, operation, maintenance, inspection, monitoring or removal of the facility by the Commonwealth in the event of failure of the owner to comply with the provisions of this act, or any regulation, permit or order issued hereunder.1978, Nov. 26, P.L. 1375, No. 325, § 11, effective 7/1/1979. Amended 1979, Oct. 23, P.L. 204, No. 70, § 1, imd. effective.