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Texas Local Government Code - LOC GOV'T § 232.0045. Financial Guarantee in Lieu of Bond

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

(a) In lieu of the bond an owner may deposit cash, a letter of credit issued by a federally insured financial institution, or other acceptable financial guarantee.

(b) If a letter of credit is used, it must:

(1) list as the sole beneficiary the county judge of the county in which the subdivision is located; and

(2) be conditioned that the owner of the tract of land to be subdivided will construct any roads or streets in the subdivision:

(A) in accordance with the specifications adopted by the commissioners court; and

(B) within a reasonable time set by the court.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 232.0045. Financial Guarantee in Lieu of Bond - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-232-0045/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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