Texas § 6902.254 ESCROW AGREEMENT.

Texas Statutes

§ 6902.254 — ESCROW AGREEMENT.

Texas § 6902.254

Code SDSpecial District Local Laws Code

This text of Texas § 6902.254 (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. Special District Local Laws Code Code Ann. § 6902.254 (2026).

Text

Sec. 6902.254. ESCROW AGREEMENT.

(a)The district may enter into an escrow or similar agreement with any place of payment, paying agent, or trustee with respect to the safekeeping, investment, administration, and disposition of a deposit made under Section 6902.253 (b).

(b)A deposit under Section 6902.253 (b) may be invested only in direct obligations of the United States, including obligations the principal of and interest on which are unconditionally guaranteed by the United States, that mature and bear interest payable at the times and in amounts sufficient to provide for the scheduled payment or redemption of the bonds to be refunded. The obligations may be in book-entry form.

(c)The district must enter into an agreement under Subsection (a) if a bond to be refunded is scheduled to b

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 6902.254. ESCROW AGREEMENT. (a) The district may enter into an escrow or similar agreement with any place of payment, paying agent, or trustee with respect to the safekeeping, investment, administration, and disposition of a deposit made under Section 6902.253 (b).
(b) A deposit under Section 6902.253 (b) may be invested only in direct obligations of the United States, including obligations the principal of and interest on which are unconditionally guaranteed by the United States, that mature and bear interest payable at the times and in amounts sufficient to provide for the scheduled payment or redemption of the bonds to be refunded. The obligations may be in book-entry form.
(c) The district must enter into an agreement under Subsection (a) if a bond to be refunded is scheduled to be paid or redeemed on a date later than the next scheduled interest payment date.