Texas Transportation Code
§ 223.015 — DEPOSIT AND INVESTMENT OF BID GUARANTY
TN § 223.015Title 6. ROADWAYS · Part B. STATE HIGHWAY SYSTEM · Ch. 223. BIDS AND CONTRACTS FOR HIGHWAY PROJECTS · Art. A. COMPETITIVE BIDS
Statute text
View on source(a)The department may authorize the use of a trust account for the purpose of providing a required bid guaranty.
(b)The guaranty shall be deposited in accordance with a trust agreement with a state or nationally chartered financial institution that has its main office or a branch office in this state and that is selected by the bidder.
(c)The department shall prescribe a trust agreement that protects the interests of this state.
(d)Interest earned under the trust agreement shall be paid to the bidder unless specified otherwise in the trust agreement.
(e)The applicable financial institution is responsible for all amounts resulting from the deposit of the guaranty until released from that responsibility in accordance with the trust agreement.
(f)The bidder shall pay all expenses incident to the deposit and all charges imposed by the financial institution for custody of the guaranties and forwarding of interest on a bid guaranty. The expenses may not be included in the bid and are not otherwise the responsibility of the state.
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Legislative history
Added by Acts 2001, 77th Leg., ch. 55, Sec. 1, eff. May 8, 2001.