Sec. 131.205. SECURITY FOR BOND. (a) The bond shall be executed by the operator and a corporate surety licensed to do business in this state, or the operator may elect to deposit cash or negotiable securities acceptable to the commission, or an assignment of a savings account in a Texas bank on an assignment deposit form prescribed by the commission's rules.
(b) A cash deposit or market value of the substitute collateral shall be equal to or greater than the amount of the bond required for the bonded area.
(c) Cash or other substitute collateral shall be deposited on the same terms as the terms on which surety bonds may be deposited.
Acts 1977, 65th Leg., p. 2627, ch. 871, art. I, Sec. 1, eff. Sept. 1, 1977.
Structure Texas Statutes
Chapter 131 - Uranium Surface Mining and Reclamation Act
Subchapter E. Bonds and Deposits
Section 131.201. Performance Bond Requirement
Section 131.202. Amount of Performance Bond
Section 131.203. Bond Without Surety
Section 131.204. Extent of Liability Under Bond
Section 131.205. Security for Bond
Section 131.206. Increase or Decrease of Bond
Section 131.207. Forfeiture of Operator's Performance Bond
Section 131.208. Application for Release of Performance Bond or Deposit
Section 131.210. Inspection and Evaluation
Section 131.211. Basis for Release of Bond or Deposit
Section 131.212. Disapproval of Application for Bond or Deposit Release
Section 131.213. Notice of Release to Local Governmental Agency