§ 42-99-11 - Trust funds.
SECTION 42-99-11
§ 42-99-11 Trust funds. – All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or notes or as revenues, receipts, or income,shall be deemed to be trust funds to be held and applied solely as provided inthe proceedings under which the bonds or notes are authorized. Any officer withwhom, or any bank or trust company with which the moneys shall be deposited astrustee thereof, shall hold and apply the moneys for the purposes thereof,subject to any provisions as this chapter and the proceedings authorizing thebonds or notes of any issue or the trust agreement securing the bonds or notesmay provide.