State Codes and Statutes
Statutes > North-carolina > Chapter_116 > GS_116-209_7§ 116‑209.7. Trustfunds.
Notwithstanding any other provisions of law to the contrary, all moneyreceived pursuant to the authority of the Article, whether as proceeds from thesale of bonds, sale of property or insurance, or as payments of student loans,whether principal, interest or penalties, if any, thereon, or as insurancepremiums, or from the purchase or sale of obligations, or as any other receiptsor revenues derived hereunder, shall be deemed to be trust funds to be held andapplied solely as provided in this Article. The resolution authorizing thebonds of any issue may provide that any of such money may be temporarilyinvested pending the disbursement thereof and shall provide that any officerwith whom, or any bank or trust company with which, such money shall bedeposited shall act as trustee of such money and shall hold and apply the samefor the purposes hereof, subject to such regulations as this Article and suchresolution may provide. (1967, c. 1177.)
