State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_159C > GS_159C-13

§ 159C‑13.  Trustfunds.

Notwithstanding any other provisions of law to the contrary, all moneyreceived pursuant to the authority of this Chapter, whether as proceeds fromthe sale of bonds or as revenues, shall be deemed to be trust funds to be heldand applied solely as provided in this Chapter. The security document mayprovide that any of such moneys may be temporarily invested and reinvestedpending the disbursement thereof in such securities and other investments asshall be provided in such security document, and shall provide that any officerwith whom, or any bank or trust company with which, such moneys shall bedeposited shall act as trustee of such moneys and shall hold and apply the samefor the purpose hereof, subject to such regulations as this Chapter and suchsecurity document may provide. (1975, c. 800, s. 1.)