State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_131A > GS_131A-14

§131A‑14.  Trust funds.

Notwithstanding any otherprovisions of law to the contrary, all moneys received pursuant to theauthority of this Chapter, including, without limitation, fees, loanrepayments, purchase price payments, rents, charges, insurance proceeds,condemnation awards and any other revenues and funds received in connectionwith any health care facilities, shall be deemed to be trust funds to be heldand applied solely as provided in this Chapter. The resolution authorizing theissuance of, or any trust agreement securing, any bonds or notes may providethat any of such moneys may be temporarily invested pending the disbursementthereof and shall provide that any officer with whom, or any bank or trustcompany with which, such moneys shall be deposited shall act as trustee of suchmoneys and shall hold and apply the same for the purposes of this Chapter,subject to such regulations as this Chapter and such resolution or trustagreement may provide. Any such moneys may be invested as provided in G.S. 159‑30,as it may be amended from time to time. (1975, c. 766, s. 1; 1979, c.54, s. 13.)