(a) At least twice each year while a personal bond securing the county's deposits
is in effect, the commissioners court shall investigate the solvency of each surety
on the bond. The commissioners court may require the surety to make an itemized and verified
financial statement correctly showing the surety's financial position and, if the
bond requires the surety to own real property, identifying each tract of real property
owned by the surety and stating its value.
(b) The commissioners court shall require a depository to provide a new bond meeting
the requirements of this chapter if a financial statement provided under Subsection
(a) indicates that:
(1) a surety is insolvent;
(2) a surety's net worth is less than the amount required by this chapter;
(3) the assets listed on the statement are depreciated or their value is in any way
(4) real property required by the bond has been disposed of or encumbered and the
value of the surety's remaining unencumbered and nonexempt real property is inadequate
to meet the requirements of this chapter.
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