4 Tex. Admin. Code § 13.4 - Bonding Requirements
(a) The bond,
required by the Code, §14.022, shall be a single continuous bond issued by
a single corporate surety licensed to do business in the State of Texas except
for:
(1) mid-year capacity changes, provided
that the separate bond or bonds obtained for such capacity changes are combined
into a single bond prior to or upon renewal of the license; and
(2) temporary storage that requires an
additional bond will be handled the same way as a mid-year capacity
change.
(b) A single
continuous bond is required for each combination or individual facility not
part of a combination.
(c) For the
purpose of determining whether a net worth deficiency exists in the case of
multiple licenses held or sought by a single warehouse operator who has
submitted a single financial statement combining the assets of all warehouse
operations, the storage capacity of all warehouses shall be combined and
compared with the net worth established by the single financial statement. If a
deficiency bond is needed, a single, separate net worth deficiency bond
apportioning bond liability among the various warehouse operations pro rata (as
specified by the department) is required.
Notes
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