Texas Occupations Code - OCC § 2052.109. Surety Bond

(1) be issued by a company authorized to conduct business in this state;

(2) comply with the applicable requirements of the Insurance Code;

(3) be payable to the state for use by the state or a political subdivision that establishes that the boxing or wrestling promoter is liable to it for damages, penalties, taxes, or other expenses resulting from promotional activities conducted in this state;  and

(4) be open to more than one claim, except that the claims may not exceed the face value of the bond.