Tex. Spec. Dist. Local Laws Code § 8504.307 · Subchapter G. OBLIGATIONS RELATING TO BORROWED MONEY
INSURING IMPROVEMENTS AND FACILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board and the purchaser of an obligation issued under this chapter may enter into an agreement under which the board agrees to:
(1) keep all the improvements and facilities, the revenue of which is pledged to the payment of the obligation, insured with one or more insurers of good standing against loss or damage by fire, water or flood, or another hazard that private companies operating similar properties 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 that is customarily carried by private companies operating similar properties.
(b) The board shall budget the cost of the insurance 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
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.8504.htm
- Text hash
- sha256 d79f8f3cda2d08ea85199373bb91dec9fdf5b9bece284bfccb329288d3e9d50e
- 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.