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28j-25
28J.25 FUNDS AND PROPERTY HELD IN TRUST -- USE AND
DEPOSIT OF FUNDS.
All revenues, funds, properties, and assets acquired by the port
authority under this chapter, whether as proceeds from the sale of
port authority revenue bonds, pledge orders, or as revenues, shall be
held in trust for the purposes of carrying out the port authority's
powers and duties, shall be used and reused as provided in this
chapter, and shall at no time be part of other public funds. Such
funds, except as otherwise provided in a resolution authorizing port
authority revenue bonds or in a trust agreement securing the same, or
except when invested pursuant to section 28J.26, shall be kept in
depositories selected by the port authority in the manner provided in
chapter 12C, and the deposits shall be secured as provided in that
chapter. The resolution authorizing the issuance of revenue bonds or
pledge orders, or the trust agreement securing such bonds or pledge
orders, shall provide that any officer to whom, or any bank or trust
company to which, such moneys are paid shall act as trustee of such
moneys and hold and apply them for the purposes hereof, subject to
such conditions as this chapter and such resolution or trust
agreement provide. Section History: Recent Form
2005 Acts, ch 150, §113
