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Texas Special District Local Laws Code - SDLL § 8506.057. Surety bonds

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

(a) The presiding officer, the treasurer, and any other officer, agent, or employee of the authority who is charged with the collection, custody, or payment of authority money shall give bond conditioned on:

(1) the faithful performance of the person's duties; and

(2) an accounting for all money and property of the authority coming into the person's possession.

(b) The bond must be in a form and amount and with a surety approved by the board, and the surety on the bond must be a surety company authorized to do business in this state.

(c) The authority shall pay the premium on the bond and charge the premium as an operating expense.

(d) The bond must be payable to the board for the use and benefit of the authority. (Acts 44th Leg., R.S., G.L., Ch. 126, Sec. 5 (part).)

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 8506.057. Surety bonds - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-8506-057/

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