Tex. Spec. Dist. Local Laws Code § 8501.268 · Subchapter F. OBLIGATIONS RELATING TO BORROWED MONEY
INSURING IMPROVEMENTS AND FACILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board may enter into, under terms to which the board agrees, an agreement with the purchaser of an obligation issued under this chapter to:
(1) keep all the improvements and facilities, the revenue of which is pledged to the payment of the obligation, insured with insurers of good standing against loss or damage by fire, water or flood, or another hazard that private companies that operate similar property customarily cover by insurance; and
(2) carry with one or more insurers of good standing the insurance covering the use and occupancy of the property as is customarily carried by private companies that operate similar property.
(b) The cost of the insurance shall be budgeted as a maintenance and operation expense.
(c) The insurance shall be carried for the benefit of the holder of the obligation.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8501.htm
- Text hash
- sha256 98885f78223998304e71efef5d89dc58cc3f67d27e31fba7b29a609dbbf437ab
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.