Sec. 134.126. SECURITY FOR BOND. (a) The applicant and a corporate surety licensed to do business in this state shall execute the bond unless the applicant elects to deposit security under Subsection (b).
(b) The applicant may elect to deposit as security for the performance of the applicant's obligations under the bond:
(1) cash;
(2) negotiable bonds of the United States government or the state; or
(3) negotiable certificates of deposit of a bank organized or transacting business in the United States.
(c) The cash deposit or market value of the securities deposited under Subsection (b) must equal or exceed the amount of the bond required for the bonded area.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 12.02(a), eff. Sept. 1, 1995.
Structure Texas Statutes
Chapter 134 - Texas Surface Coal Mining and Reclamation Act
Subchapter F. Bonds and Deposits
Section 134.121. Performance Bond Requirement
Section 134.122. Amount of Bond
Section 134.123. Bond Without Surety
Section 134.124. Alternative to Bonding Program
Section 134.125. Extent of Liability Under Bond
Section 134.126. Security for Bond
Section 134.127. Adjustment of Amount of Bond or Deposit
Section 134.128. Application for Release of Bond or Deposit
Section 134.130. Inspection and Evaluation
Section 134.131. Release of Bond or Deposit
Section 134.132. Notice to Permit Holder of Decision to Approve or Disapprove Release