12-882. Same; moneys received deemed trust funds; trust agreements.
12-882
12-882. Same; moneys received deemed trust funds; trust agreements.
All moneys received pursuant to the authority of this act, 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 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. 1974, ch. 260, § 13; March 18.