(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 1997, 75th Leg., ch. 1171, Sec. 7.24, eff. Sept. 1, 1997.
Texas Legal Code