Texas Statutes
§ 54.156 — ESCROW AGREEMENT.
Texas § 54.156
JurisdictionTexas
Code TNTransportation Code
This text of Texas § 54.156 (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. § 54.156 (2026).
Text
Sec. 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 applica
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
Added by Acts 1999, 76th Leg., ch. 227, Sec. 20, eff. Sept. 1, 1999.
Nearby Sections
15
§ 54.001
APPLICABILITY OF CHAPTER.§ 54.002
DEFINITIONS.§ 54.005
APPLICABILITY OF OTHER LAW.§ 54.054
COMPETITIVE BIDDING.§ 54.101
DEFINITION.§ 54.103
ELECTION.Cite This Page — Counsel Stack
Bluebook (online)
Texas § 54.156, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/TN/54.156.