Sec. 8505.058. SURETY BONDS. (a) The general manager, 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.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Section: Previous 8505.051 8505.052 8505.053 8505.054 8505.055 8505.056 8505.057 8505.058 8505.059 8505.060 8505.101 8505.102 8505.103 8505.104 8505.105 NextLast modified: September 28, 2016