TITLE 35
Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-19


§ 35-8.1-19 Trust funds.

All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied as may be provided in the resolution authorizing the issuance of the bonds or the loan and trust agreement securing the bonds. The authority shall, in the resolution authorizing the bonds or in the loan and trust agreement securing the bonds, provide for the payment of proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the state, which shall act as trustee of the funds, and which shall hold and apply the funds to the purposes of this chapter, subject to such regulations as this chapter and the resolution or loan and trust agreement may provide.

History of Section.
(P.L. 1987, ch. 12, § 1.)