Tex. Transp. Code § 317.156 · Subchapter D. REFUNDING BONDS
ESCROW AGREEMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The proceeds from revenue refunding bonds that are deposited as provided by Section 317.155(b) shall be held under an escrow agreement so that the proceeds will be available to pay the principal of and interest on the bonds 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) shall be considered revenue of the facility.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, 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/TN/htm/TN.317.htm
- Text hash
- sha256 e5ad0d96dc2f1165a7507b7900991e2da525d54a93ce13d9be052fb5bbdeb593
- 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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