261A.47 - MONEY RECEIVED BY AUTHORITY.
261A.47 MONEY RECEIVED BY AUTHORITY.
All money received by the authority, whether as proceeds from the
sale of obligations, from revenue, or otherwise, shall be deemed to
be trust funds to be held and applied solely as provided in this
division, but prior to the time when needed for use may be invested
to the extent and in the manner provided by the authority. The funds
shall be deposited, held, and secured as determined by the authority,
except to the extent provided otherwise in the resolution authorizing
the issuance of the related obligations or in the trust agreement
securing the obligations. The resolution authorizing the issuance of
the obligations or the trust agreement securing the obligations shall
provide that an officer, bank or trust company to which the money is
entrusted shall act as trustee of the money and shall hold and apply
the money for the purposes of this division, subject to the
provisions of this division and of the authorizing resolution or
trust agreement. Section History: Recent Form
85 Acts, ch 210, §17