Sec. 8503.008. DISBURSEMENT OF FUNDS; SURETY BONDS

(a) The money of the authority may be disbursed only by checks, drafts, orders, or other instruments signed by the persons authorized by the bylaws or a resolution concurred in by no fewer than a majority of all the directors.

(b) The general manager, the treasurer, and all other officers, agents, and employees of the authority charged with the collection, custody, or payment of any funds of the authority must give bond conditioned on the faithful performance of their duties and an accounting for all funds and property of the authority coming into their hands.

(c) The bonds must be in a form and amount, and with a surety company authorized to do business in this state, approved by the board.

(d) The premiums on the bonds shall be paid by the authority and charged as an operating expense.

Added by Acts 2003, 78th Leg., ch. 996, Sec. 1, eff. Sept. 1, 2003. Renumbered from Water Code, Section 222.008 by Acts 2007, 80th Leg., R.S., Ch. 921 , Sec. 13.006(b), eff. September 1, 2007.