Sec. 8506.057. SURETY BONDS. (a) The presiding officer, the treasurer, and any other officer, agent, or employee of the authority who is charged with the collection, custody, or payment of authority money shall give bond conditioned on:
(1) the faithful performance of the person's duties; and
(2) an accounting for all money and property of the authority coming into the person's possession.
(b) The bond must be in a form and amount and with a surety approved by the board, and the surety on the bond must be a surety company authorized to do business in this state.
(c) The authority shall pay the premium on the bond and charge the premium as an operating expense.
(d) The bond must be payable to the board for the use and benefit of the authority.
Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.05, eff. April 1, 2017.
Structure Texas Statutes
Special District Local Laws Code
Title 6 - Water and Wastewater
Subtitle G - River Authorities
Chapter 8506 - Upper Colorado River Authority
Subchapter B. Board of Directors; Administrative Provisions
Section 8506.051. Membership of Board
Section 8506.055. Voting Requirement
Section 8506.056. Officers and Employees
Section 8506.057. Surety Bonds
Section 8506.058. Authority's Office and Domicile
Section 8506.059. Conflict of Interest; Criminal Penalty
Section 8506.060. Director Training Program
Section 8506.061. Separation of Policymaking and Management Functions
Section 8506.062. Negotiated Rulemaking and Alternative Dispute Resolution