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Texas Government Code - GOV'T § 653.004. Authority to Purchase Bonds

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Notwithstanding any other law that authorizes or requires a state officer or employee to obtain a surety bond, a state agency may purchase a surety bond for a state officer or employee only if:

(1) required by the constitution of the state or by federal law or regulation;

(2) required by court order;  or

(3) approved by the office.

(b) The office may approve the purchase of a surety bond if:

(1) the office finds that the surety bond is warranted by a substantial or unusual risk of loss;  or

(2) the office otherwise determines that the purchase of a surety bond is necessary to protect the interests of the state.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 653.004. Authority to Purchase Bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-653-004/

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