Texas Transportation Code - Section 54.156. Escrow Agreement
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§ 54.156. ESCROW AGREEMENT. (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.
Added by Acts 1999, 76th Leg., ch. 227, § 20, eff. Sept. 1, 1999.
Section: 54.113 54.114 54.151 54.152 54.153 54.154 54.155 54.156 55.001 55.002 55.003 55.004 55.005 55.006 55.007
Last modified: August 10, 2007
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