Tex. Special District Local Laws Code § 6902.254
ESCROW AGREEMENT
Texas · Texas Special District Local Laws Code · Status: effective
Cite this
- Citation
- Tex. Special District Local Laws Code § 6902.254, ESCROW AGREEMENT, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/602373
- Permanent ID
ys:prov:602373@1- SHA-256
80cea87d81d74f76eae17a0d6b63f7caf723b57cd7317099c0ef7aed83f4c24b
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(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.