Tex. Spec. Dist. Local Laws Code Section 8504.307
Insuring Improvements and Facilities

(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.
Added by Acts 2013, 83rd Leg., R.S., Ch. 112 (S.B. 1026), Sec. 1.04, eff. April 1, 2015.

Source: Section 8504.307 — Insuring Improvements and Facilities, https://statutes.­capitol.­texas.­gov/Docs/SD/htm/SD.­8504.­htm#8504.­307 (accessed May 4, 2024).

8504.001
Definitions 8504.002
Creation and Nature of Authority 8504.003
Territory 8504.004
Liberal Construction of Chapter 8504.0021
Application of Sunset Act 8504.051
Membership of Board 8504.052
Terms 8504.053
Vacancy 8504.054
Oath and Bond Requirement for Directors 8504.055
Compensation of Directors 8504.056
Quorum 8504.057
General Manager 8504.101
Powers Under Constitution and Other Law 8504.102
Powers to Accomplish Purposes for Which Created 8504.103
General Powers Relating to Works and Water 8504.104
Additional Powers Relating to Particular Purposes 8504.105
Powers Relating to Purchase or Construction of Works or Acquisition of Property 8504.106
Additional Powers Relating to Acquisition or Operation of Property 8504.107
Powers Relating to Contract, Lease, Agreement, or Conveyance 8504.108
Powers Relating to Recreational Facilities 8504.109
Eminent Domain 8504.110
State Supervision and Approval 8504.151
Definitions 8504.152
Powers Relating to Canal System 8504.153
Powers Relating to Water 8504.154
Right of First Refusal for Certain Water Contracts 8504.201
Definition 8504.202
Legislative Findings 8504.203
Authority for Economic Development Program 8504.204
Establishment of Program 8504.205
Participation in Program by Other Persons 8504.206
Staffing and Funding of Program 8504.207
Agreement 8504.208
Guidelines for Assistance to Public Firefighting Organizations 8504.209
Board Determination Conclusive 8504.251
Fees and Charges 8504.252
Tax or Special Assessment Not Authorized by Chapter 8504.301
General Power to Borrow Money 8504.302
Covenants for Marketability 8504.303
Holder of Obligation May Compel Performance 8504.304
Holder of Obligation Entitled to Administrator or Receiver 8504.305
Additional Security for Obligation: Mortgage and Encumbrance 8504.306
Sale Under Mortgage or Encumbrance 8504.307
Insuring Improvements and Facilities 8504.308
Tax Exemption
Green check means up to date. Up to date

Accessed:
May 4, 2024

§ 8504.307’s source at texas​.gov