(a) An applicant for a permit under § 623.011, other than a permit under that section to operate a vehicle loaded with timber or pulp wood, wood chips, cotton, or agricultural products in their natural state, and an applicant for a permit under § 623.321 shall file with the department:
(1) a blanket bond; or
(2) an irrevocable letter of credit issued by a financial institution the deposits of which are guaranteed by the Federal Deposit Insurance Corporation.
(b) The bond or letter of credit must:
(1) be in the amount of $15,000 payable to the counties of this state;
(2) be conditioned that the applicant will pay a county for any damage to a road or bridge of the county caused by the operation of the vehicle:
(A) for which the permit is issued at a heavier weight than the maximum weights authorized by Subchapter B of Chapter 621 or § 621.301 or 623.321; or
(B) that is in violation of § 623.323; and
(3) provide that the issuer is to notify the county and the applicant in writing promptly after a payment is made by the issuer on the bond or letter of credit.

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Terms Used In Texas Transportation Code 623.012

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011

(c) If an issuer of a bond or letter of credit pays under the bond or letter of credit, the permit holder shall file with the department before the 31st day after the date on which the payment is made:
(1) a replacement bond or letter of credit in the amount prescribed by Subsection (b) for the original bond or letter of credit; or
(2) a notification from the issuer of the existing bond or letter of credit that the bond or letter of credit has been restored to the amount prescribed by Subsection (b).
(d) If the filing is not made as required by Subsection (c), each permit held by the permit holder under § 623.011 automatically expires on the 31st day after the date on which the payment is made on the bond or letter of credit.

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