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.
Structure Texas Statutes
Subtitle G - Turnpikes and Toll Projects
Chapter 370 - Regional Mobility Authorities
Section 370.251. Board of Directors
Section 370.2511. Board of Directors: Certain Authorities
Section 370.2515. Board Composition Proposal by Turnpike Authority
Section 370.252. Prohibited Conduct for Directors and Employees
Section 370.2521. Filing of Financial Statement by Director
Section 370.2522. Applicability of Conflicts of Interest Law to Directors
Section 370.2523. Applicability of Nepotism Laws
Section 370.254. Removal of Director
Section 370.255. Compensation of Director
Section 370.256. Evidence of Authority Actions
Section 370.257. Public Access
Section 370.258. Indemnification
Section 370.259. Purchase of Liability Insurance
Section 370.260. Certain Contracts and Sales Prohibited