28 Tex. Admin. Code § 252.403 - Surety Bond Purchases
(a) State agencies
shall initiate the process of purchasing surety bonds by submitting the
SORM-201 not later than 30 days before the inception date of the
bond.
(b) The following factors
shall be considered by the Office in determining the necessity of surety bonds
for state agencies:
(1) whether the bond is
required under the Texas Constitution, federal law or regulation, or court
order;
(2) whether the surety bond
is warranted by a substantial or unusual risk of loss;
(3) whether the surety bond is necessary to
protect the interests of the state; and/or
(4) other relevant factors.
(c) If the Office approves the
application for the surety bond, the Office shall determine the scope and
amount of the bond coverage and shall authorize the purchase of the
bond.
Notes
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