Texas Water Code

§ 15.209 — CONTRACTS, AGREEMENTS, AND OTHER DOCUMENTS

WA § 15.209Title 2. WATER ADMINISTRATION · Part C. WATER DEVELOPMENT · Ch. 15. TEXAS WATER ASSISTANCE PROGRAM · Art. D. WATER BOND INSURANCE PROGRAM

Statute text

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(a)On approval of an application, the board shall enter into a contract with the issuer for the insurance of the bonds on terms and conditions agreed to by the parties. The terms and conditions must comply with this subchapter and rules adopted by the board.

(b)The insurance contract shall include:

(1)the extent of the insurance coverage;

(2)the terms and conditions of the insurance coverage;

(3)rights in addition to those provided by law reserved by the board against the issuer in the event the board must pay all or part of the insurance coverage; and

(4)any other provision required in order to be in compliance with the board's rules.

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Legislative history

Added by Acts 1985, 69th Leg., ch. 133, Sec. 2.05.