- (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.