§ 35-12-10. Trust funds.
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of notes or as revenues, receipts, or income, shall be trust funds to be held and applied solely as provided in the proceedings under which the notes are authorized. Any officer with whom, or any bank or trust company with which, these money shall be deposited as trustee thereof shall hold and apply the money for the purposes thereof, subject to the applicable provisions of this chapter, the proceedings authorizing the notes, and the trust agreement securing the notes, if any.
History of Section.
P.L. 1982, ch. 324, § 1.