(a) Escrow of funds. The executive administrator may deposit funds into an escrow account at the time of closing of the financial assistance. Releases from an escrow account shall occur on a reimbursement method as described in subsection (b) of this section, sequentially based on milestones as described in subsection (c) of this section, or in accordance with phasing required for the applicable project. The Applicant must submit outlays for all expenses incurred.
(b) If there are no enhancements authorized, the Applicant must submit a final accounting and disposition of any unused funds as specified in §375.106. (relating to Final Accounting).

Source Note: The provisions of this §375.94 adopted to be effective July 4, 2016, 41 TexReg 4853; amended to be effective June 10, 2020, 45 TexReg 3869