Sec. 232.0045. FINANCIAL GUARANTEE IN LIEU OF BOND. (a) In lieu of the bond an owner may deposit cash, a letter of credit issued by a federally insured financial institution, or other acceptable financial guarantee.
(b) If a letter of credit is used, it must:
(1) list as the sole beneficiary the county judge of the county in which the subdivision is located; and
(2) be conditioned that the owner of the tract of land to be subdivided will construct any roads or streets in the subdivision:
(A) in accordance with the specifications adopted by the commissioners court; and
(B) within a reasonable time set by the court.
Added by Acts 1989, 71st Leg., ch. 1, Sec. 54(b), eff. Aug. 28, 1989.
Section: Previous 232.0025 232.003 232.0031 232.0032 232.0033 232.0034 232.004 232.0045 232.0048 232.005 232.006 232.007 232.008 232.0083 232.0085 NextLast modified: September 28, 2016