Sec. 623.370. BOND. (a) The authority shall file with the Texas Department of Transportation a bond in an amount set by the Texas Department of Transportation under Subsection (b), payable to the Texas Department of Transportation, and conditioned that the authority will pay to the Texas Department of Transportation the amount by which the annual cost to repair any damage to roads and highways subject to this subchapter from the movement of oversize and overweight vehicles for which permits are issued under this subchapter exceeds the annual amount paid to the Texas Department of Transportation under Section 623.364(b).
(b) The Texas Department of Transportation shall set the amount of the bond required under Subsection (a) in an amount equal to the estimated annual cost to repair any damage to roads and highways subject to this subchapter from the movement of oversize and overweight vehicles for which permits are issued under this subchapter.
Added by Acts 2015, 84th Leg., R.S., Ch. 1053 (H.B. 1969), Sec. 2(b), eff. September 1, 2015.
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