Tex. Transp. Code § 54.156 · 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 54.155(b)(2) shall be deposited under an escrow agreement so that the proceeds and interest earned from the investment of 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 as each becomes due, be invested in direct obligations of the United States.
(c) Interest earned on an investment described by Subsection (b):
(1) may be pledged to the payment of the principal of and interest on the obligations to be refunded or the refunding obligations; or
(2) shall be considered as revenue of the applicable port improvement or facility.
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, 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.54.htm
- Text hash
- sha256 b58429ffeb847a40d02b6e07b2fda18872c5681bc0b16e811efcbbe5edbb1d36
- 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
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.