Tex. Loc. Gov't Code § 254.086 · Subchapter D. REFUNDING OBLIGATIONS
ESCROW AGREEMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The proceeds from revenue refunding obligations that are deposited as provided by Section 254.085(b)(1)(B) shall be held under an escrow agreement so that the proceeds and interest earned on the proceeds will be available to pay the principal of and interest on the obligations to be refunded as each becomes due.
(b) The escrow agreement may provide that the proceeds may, until needed to pay principal and interest, be invested in direct obligations of the United States.
(c) Interest earned on an investment described by Subsection (b) may be:
(1) pledged to the payment of the principal of and interest on the obligations to be refunded or the refunding obligations; or
(2) considered as revenue of the island property.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.254.htm
- Text hash
- sha256 1fd2241abd22fe90f7b837b3efeaa160f11d5168ae3c3a837edb369811d92435
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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