Texas Natural Resources Code

§ 111.053 — BOND OF PUBLIC UTILITY

NR § 111.053Title 3. OIL AND GAS · Part D. REGULATION OF SPECIFIC BUSINESSES AND OCCUPATIONS · Ch. 111. COMMON CARRIERS, PUBLIC UTILITIES, AND COMMON PURCHASERS · Art. C. PUBLIC UTILITIES

Statute text

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(a)Before engaging in business as a public utility, a person, association, or corporation that is to engage in business as a public utility shall file a bond in an amount not to exceed $25,000 that is properly executed and made payable to the State of Texas with the amount of the bond and the sureties on the bond subject to the approval of the commission.

(b)In lieu of a bond as required by Subsection (a), a person, association, or corporation may deposit with the commission:

(1)bonds of the United States;

(2)certificates of indebtedness issued by the United States secretary of the treasury;

(3)bonds of this state or a county, municipality, or school district of this state; or

(4)shares or share accounts of savings and loan associations organized under the laws of this state or federal savings and loan associations domiciled in this state, if the shares or share accounts are insured by the Federal Deposit Insurance Corporation.

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Legislative history

Acts 1977, 65th Leg., p. 2582, ch. 871, art. I, Sec. 1, eff. Sept. 1, 1977. Amended by Acts 2001, 77th Leg., ch. 1420, Sec. 8.107, eff. Sept. 1, 2001.