105.053 – SOLVENCY OF SURETY COMPANY AND ADEQUACY OF
Texas Local Government Code § 105.053
Summary
This law allows a municipality's governing body to investigate the financial stability of surety companies and the value of securities pledged by depositories. It is intended to protect municipal funds by ensuring that the entities handling them are financially sound.
Governing body can investigate surety company solvency.
Focus on municipal depositories securing municipal funds.
Protects municipalities from financial risks.
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In simple terms: Learn about Texas's SOLVENCY OF SURETY COMPANY AND ADEQUACY OF law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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