All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this chapter. Theresolution authorizing the bonds of any issue or the trust agreement securingsuch bonds shall provide that any officer with whom, or any bank or trustcompany with which, such moneys shall be deposited shall act as trustee ofsuch moneys and shall hold and apply the same for the purposes hereof,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of revenues or the proceeds from the saleof revenue bonds, the trustee may invest and reinvest such funds insecurities that are legal investments under the laws of the Commonwealth forfunds held by fiduciaries pending their need for the construction of theprojects. In the case of the proceeds of the sale of refunding bonds, thetrustee may invest and reinvest such funds in direct obligations of, orobligations the principal of and the interest on which are guaranteed by, theUnited States of America. Such money and the interest, income and profits, ifany, earned on such investment shall be available for the payment of all orany part of the principal, interest and redemption premium, if any, of thebonds being refunded. The proceeds of the sale of refunding bonds shall be soinvested and applied as to ensure that the principal, interest and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, any balance of such proceeds, interest,income and profits, if any, realized on the investments thereof may bereturned to the Board for use by it in any lawful manner.
All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this chapter. Theresolution authorizing the bonds of any issue or the trust agreement securingsuch bonds shall provide that any officer with whom, or any bank or trustcompany with which, such moneys shall be deposited shall act as trustee ofsuch moneys and shall hold and apply the same for the purposes hereof,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of revenues or the proceeds from the saleof revenue bonds, the trustee may invest and reinvest such funds insecurities that are legal investments under the laws of the Commonwealth forfunds held by fiduciaries pending their need for the construction of theprojects. In the case of the proceeds of the sale of refunding bonds, thetrustee may invest and reinvest such funds in direct obligations of, orobligations the principal of and the interest on which are guaranteed by, theUnited States of America. Such money and the interest, income and profits, ifany, earned on such investment shall be available for the payment of all orany part of the principal, interest and redemption premium, if any, of thebonds being refunded. The proceeds of the sale of refunding bonds shall be soinvested and applied as to ensure that the principal, interest and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, any balance of such proceeds, interest,income and profits, if any, realized on the investments thereof may bereturned to the Board for use by it in any lawful manner.
All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this chapter. Theresolution authorizing the bonds of any issue or the trust agreement securingsuch bonds shall provide that any officer with whom, or any bank or trustcompany with which, such moneys shall be deposited shall act as trustee ofsuch moneys and shall hold and apply the same for the purposes hereof,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of revenues or the proceeds from the saleof revenue bonds, the trustee may invest and reinvest such funds insecurities that are legal investments under the laws of the Commonwealth forfunds held by fiduciaries pending their need for the construction of theprojects. In the case of the proceeds of the sale of refunding bonds, thetrustee may invest and reinvest such funds in direct obligations of, orobligations the principal of and the interest on which are guaranteed by, theUnited States of America. Such money and the interest, income and profits, ifany, earned on such investment shall be available for the payment of all orany part of the principal, interest and redemption premium, if any, of thebonds being refunded. The proceeds of the sale of refunding bonds shall be soinvested and applied as to ensure that the principal, interest and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, any balance of such proceeds, interest,income and profits, if any, realized on the investments thereof may bereturned to the Board for use by it in any lawful manner.
