GroundRules
Tex. Transportation Code § 317.156: ESCROW AGREEMENT.
Where this section sits in the code
- TRANSPORTATION CODE
- TITLE 6. ROADWAYS
- SUBTITLE E. MUNICIPAL STREETS
- CHAPTER 317. ELIMINATION OF GRADE-LEVEL STREET CROSSINGS BY RAILROAD LINES IN MUNICIPALITIES WITH POPULATION OF MORE THAN 100,000
- SUBCHAPTER D. REFUNDING BONDS
(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.
Added by Acts 1999, 76th Leg., ch. 227, Sec. 24, eff. Sept. 1, 1999.
Collected 2026-08-27T01:47:44Z. Source file · JSON