(a) A person to whom a permit is issued under this subchapter must provide to the railroad commission annually evidence of financial responsibility that is satisfactory to the railroad commission.
(b) In determining whether the person is financially responsible, the railroad commission shall rely on:
(1) the person’s most recent quarterly report filed with the United States Securities and Exchange Commission under Section 13 or 15(d), Securities Exchange Act of 1934 (15 U.S.C. § 78m or 78o(d)); or
(2) if the person is not required to file with the United States Securities and Exchange Commission a report described by Subdivision (1), the person’s most recent audited financial statement.

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Terms Used In Texas Water Code 27.050

  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
  • United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
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