(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.

Terms Used In Texas Special District Local Laws Code 8506.057

  • 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
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Property: means real and personal property. See Texas Government Code 311.005

(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.

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