Texas Special District Local Laws Code 5010.0209 – Surety Bond
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(a) Each officer, agent, or employee of the district who is charged with the collection, custody, or payment of district money shall give bond conditioned on:
(1) the faithful performance of the person‘s duties; and
(2) an accounting of all money and property of the district coming into the person’s possession.
(b) The bond must be in a form and manner 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.
Terms Used In Texas Special District Local Laws Code 5010.0209
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
(c) The district shall pay the premium on the bond and charge the premium as an operating expense.