Sec. 232.0045.  FINANCIAL GUARANTEE IN LIEU OF BOND.  (a)  In lieu of the bond an owner may deposit cash, a letter of credit issued by a federally insured financial institution, or other acceptable financial guarantee.
(b)  If a letter of credit is used, it must:
(1)  list as the sole beneficiary the county judge of the county in which the subdivision is located; and
(2)  be conditioned that the owner of the tract of land to be subdivided will construct any roads or streets in the subdivision:
(A)  in accordance with the specifications adopted by the commissioners court; and
(B)  within a reasonable time set by the court.
Added by Acts 1989, 71st Leg., ch. 1, Sec. 54(b), eff. Aug. 28, 1989.