68-2060. Trust funds; how held and applied.
68-2060
68-2060. Trust funds; how held and applied.All moneys received pursuant to the authority of this act, whether asproceeds from the sale of bonds or as revenues or otherwise, shall bedeemed to be trust funds to be held and applied solely as provided in thisact. Any officer with whom, or any bank or trust company with which, suchmoneys shall be deposited shall act as trustee of such moneys and shallhold and apply the same for the purposes hereof, subject to suchregulations as this act and the resolution authorizing the bonds or thetrust agreement securing such bonds may provide. Trust funds receivedpursuant to this act may be invested as determined by the authority withbanks authorized to do business in Kansas at rates of interest not lessthanthe investment rate, as defined in subsection(g) of K.S.A. 12-1675a or in directobligations of theUnited States or in obligations that are fully guaranteed as to principaland interest by the United States.
History: L. 1967, ch. 356, § 10;L. 1992, ch. 146, § 5;L. 1997, ch. 180, § 20; May 29.