Tex. Local Government Code § 392.0525
This is the official text of Tex. Local Government Code § 392.0525, part of Texas’s Local Government Code — governs the powers and operations of Texas cities and counties.
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§ 392.0525. LETTER OF CREDIT ACCEPTED IN LIEU OF PAYMENT AND PERFORMANCE BONDS.
Official statutory text
In the award of a contract for the construction, reconstruction, improvement, alteration, or repair of any public building or for the completion of any public work, an authority must comply with applicable state laws regarding the execution of a contractor's performance bond and payment bond. However, if authorized by a federal program or federal regulation, an authority may accept, in lieu of a performance bond and payment bond, an unconditional and irrevocable letter of credit in the amount of the contract price and payable to the authority.
Status: in_force · Read it on the official government site
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