Sec. 501.210. FINANCIAL ASSURANCE OR RESPONSIBILITY REQUIREMENTS FOR CERTAIN PROJECTS. (a) The resolution or mortgage described by Section 501.208(c) may contain any agreement or provision for satisfying the financial assurance or responsibility requirements applicable to a project for which a permit is required under Chapter 361, Health and Safety Code, or Chapter 27, Water Code, including a requirement relating to construction, proper operation, liability coverage, emergency response capability, well plugging, closure, and post-closure care.
(b) Evidence of the passage of a resolution by a governing body approving or agreeing to approve the issuance of bonds for the purpose of satisfying the financial assurance or responsibility requirements applicable to the project is an adequate demonstration that sufficient financial resources will be available to comply with all existing financial assurance or responsibility requirements.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Structure Texas Statutes
Title 12 - Planning and Development
Chapter 501 - Provisions Governing Development Corporations
Subchapter E. Corporate Powers and Limitations Relating to Bonds
Section 501.201. Authority to Issue Bonds
Section 501.203. Securities Commissioner Permit to Sell Securities Required
Section 501.204. Authorizing Unit's Approval of Bonds
Section 501.205. Bond Counsel and Financial Advisors
Section 501.206. Money Used to Pay Bonds
Section 501.207. Bonds Not Debt of State or Authorizing Unit
Section 501.208. Bond Security; Default
Section 501.209. Trust Agreement
Section 501.210. Financial Assurance or Responsibility Requirements for Certain Projects
Section 501.211. Use of Bond Proceeds
Section 501.212. Interim Bonds