Texas Transportation Code

§ 370.253 — SURETY BONDS

TN § 370.253Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 370. REGIONAL MOBILITY AUTHORITIES · Art. F. GOVERNANCE

Statute text

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(a)Before beginning a term, each director shall execute a surety bond in the amount of $25,000, and the secretary and treasurer shall execute a surety bond in the amount of $50,000.

(b)Each surety bond must be:

(1)conditioned on the faithful performance of the duties of office;

(2)executed by a surety company authorized to transact business in this state; and

(3)filed with the secretary of state's office.

(c)The authority shall pay the expense of the bonds.

Legislative history

Added by Acts 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.