|(a) A governmental employer, a nonprofit organization, or the
group representative of a group account that elects to become liable for reimbursements
shall furnish a surety bond on a form furnished or approved by the Agency
within 30 days after a request by the Agency for the bond is mailed to the
governmental employer, nonprofit organization, or group representative.
(b) The amount of the surety bond shall be a percentage of
the projected amount of wages which would be subject to tax if the employer
was an employer liable for contributions under the Act. The percentage used
in determining the amount of the bond shall be equal to the maximum tax rate
that any employer who is liable for contributions during the year would have
to pay under the Act. The amount of taxable wages which the employer is expected
to pay during the next 12 months shall be determined by the Agency after considering
all available information.
(c) The surety bond shall be executed by a licensed surety
company authorized to do business in the State of Texas, and the surety bond
must be approved by the Agency.