Texas Government Code 1207.031 – Withdrawal of Deposit
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(a) An issuer that has made the deposit and payments required by this subchapter may apply to the comptroller to withdraw from the paying agent the amount of money deposited to the credit of the account of an obligation that has been refunded, including interest and premium, if any, by exhibiting the canceled obligation to the comptroller. The comptroller shall make a proper record of payment and cancellation of that obligation.
(b) An issuer may withdraw money deposited under this subchapter only if:
(1) the conditions stated in Subsection (a) are met; or
(2) the attorney general certifies to the comptroller that the issuer’s payment of the obligation as to which the deposit was made is barred by limitation and forbidden by law.
Terms Used In Texas Government Code 1207.031
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.