Tex. Loc. Gov't Code § 232.0045

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 232.0045 - Financial Guarantee in Lieu of Bond

(a) In lieu of the bond an owner may deposit cash, a letter of credit issued by a federally insured financial institution, or other acceptable financial guarantee.

(b) If a letter of credit is used, it must:

(1) list as the sole beneficiary the county judge of the county in which the subdivision is located; and

(2) be conditioned that the owner of the tract of land to be subdivided will construct any roads or streets in the subdivision:

(A) in accordance with the specifications adopted by the commissioners court; and

(B) within a reasonable time set by the court.

Tex. Loc. Gov't. Code § 232.0045

Added by Acts 1989, 71st Leg., ch. 1, Sec. 54(b), eff. 8/28/1989.