Tex. Local Government Code § 232.0045
This is the official text of Tex. Local Government Code § 232.0045, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 232.0045. FINANCIAL GUARANTEE IN LIEU OF BOND.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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