Texas Transportation Code

§ 364.051 — DEPOSITORY OF BOND PROCEEDS AND OTHER REVENUE

TN § 364.051Title 6. ROADWAYS · Part G. TURNPIKES AND TOLL PROJECTS · Ch. 364. TOLL BRIDGES IN COUNTIES BORDERING THE RIO GRANDE · Art. C. BONDS AND FINANCES

Statute text

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(a)Any bank or trust company in this state may be the depository of the proceeds of bonds issued under this chapter or revenues derived from the operation of a toll bridge acquired under this chapter.

(b)The cash proceeds of the sale shall be deposited in the depository and shall be paid under the terms and conditions agreed on by the commissioners court and the purchasers of the bonds.

(c)A depository may furnish the indemnity bonds or pledge the securities required by the county.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.