All moneys received pursuant to the authority of this article, whether as proceeds
from the sale of bonds or as revenues, shall be deemed to be trust funds, to be held
and applied solely as provided in this article. The resolution authorizing the issuance of bonds of any issue of the trust agreement
securing such bonds shall provide that any officer to whom, or any bank or trust company
to which, such moneys shall be paid shall act as trustee of such moneys and shall
hold and apply the same for the purposes hereof, subject to such regulations as this
article and such resolution or trust agreement may provide.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.