Texas Statutes
§ 254.086 — ESCROW AGREEMENT.
Texas § 254.086
JurisdictionTexas
Code LGLocal Government Code
This text of Texas § 254.086 (ESCROW AGREEMENT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Tex. Local Government Code Code Ann. § 254.086 (2026).
Text
Sec. 254.086. ESCROW AGREEMENT.
(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.
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Legislative History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 9, eff. Sept. 1, 1999.
Nearby Sections
15
§ 254.001
APPLICABILITY OF CHAPTER.§ 254.002
DEFINITIONS.§ 254.003
AUTHORITY REGARDING ISLAND PROPERTY.§ 254.004
APPLICABILITY OF OTHER LAW.§ 254.022
ORGANIZATION AND DUTIES OF BOARD.§ 254.023
CHARACTER OF BOARD; GENERAL POWERS.§ 254.024
COMPETITIVE BIDDING.§ 254.052
ELECTION.§ 254.055
MATURITY OF OBLIGATION.§ 254.056
SIGNATURES; SEAL.§ 254.057
SALE OF OBLIGATIONS.Cite This Page — Counsel Stack
Bluebook (online)
Texas § 254.086, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/LG/254.086.