Sec. 370.253. 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 2003, 78th Leg., ch. 1325, Sec. 2.01, eff. June 21, 2003.
Section: Previous 370.251 370.2511 370.2515 370.252 370.2521 370.2522 370.2523 370.253 370.254 370.255 370.256 370.257 370.258 370.259 370.260 NextLast modified: September 28, 2016