Texas § 317.156 ESCROW AGREEMENT.

Texas Statutes

§ 317.156 — ESCROW AGREEMENT.

Texas § 317.156

Code TNTransportation Code

This text of Texas § 317.156 (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. Transportation Code Code Ann. § 317.156 (2026).

Text

Sec. 317.156. ESCROW AGREEMENT.

(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.

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Sec. 317.156. ESCROW AGREEMENT. (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.