12-3714. Moneys deemed to be trust fund; trustee; duties.
12-3714
12-3714. Moneys deemed to be trust fund; trustee; duties.
All moneys received pursuant to the authority of this act, whether as
proceeds from the sale of bonds or as revenues or as an appropriation by
the state of Kansas, shall be deemed to be trust funds to be held and
applied solely as provided in this act. The resolution authorizing the
bonds of any issue or the trust agreement securing such bonds shall provide
that any officer with whom, or any bank or trust company with which, such
moneys shall be deposited shall act as trustees of such moneys and shall
hold and apply the same for the purposes hereof, subject to such
regulations as this act and such resolution or trust agreement may provide.
History: L. 1973, ch. 69, § 5; April 25.