Texas § 8504.307 INSURING IMPROVEMENTS AND FACILITIES.

Texas Statutes

§ 8504.307 — INSURING IMPROVEMENTS AND FACILITIES.

Texas § 8504.307

Code SDSpecial District Local Laws Code

This text of Texas § 8504.307 (INSURING IMPROVEMENTS AND FACILITIES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Special District Local Laws Code Code Ann. § 8504.307 (2026).

Text

Sec. 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

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Sec. 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.