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.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 366 - Regional Tollway Authorities
Section 366.251. Board of Directors
Section 366.252. Conflict of Interest
Section 366.254. Removal of Director
Section 366.255. Compensation of Director
Section 366.256. Evidence of Authority Actions
Section 366.257. Public Access
Section 366.2575. Board Vote on County Request
Section 366.258. Indemnification
Section 366.259. Purchase of Liability Insurance
Section 366.260. Certain Contracts and Sales Prohibited