Sec. 366.253. SURETY BONDS. (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.
Added by Acts 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.
Section: Previous 366.181 366.182 366.183 366.184 366.185 366.251 366.252 366.253 366.254 366.255 366.256 366.257 366.2575 366.258 366.259 NextLast modified: September 28, 2016