11-25-20 - Moneys received as trust funds -- Depository as trustee.
11-25-20. Moneys received as trust funds -- Depository as trustee.
All moneys received pursuant to the provisions of this part, whether proceeds from thesale of bonds or revenues, shall be deemed to be trust funds to be held and applied solely asprovided in this part. Any bank or trust company in which these moneys are deposited shall act astrustee of the moneys and shall hold and apply the same for the purposes specified in this part,subject to the terms of the resolution authorizing the bonds.
Enacted by Chapter 276, 1977 General Session