23-30.51 - Moneys received deemed trust funds.
§ 23-30.51. Moneys received deemed trust funds.
All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this chapter. Any officerwith whom, or any bank or trust company with which, such moneys shall bedeposited shall act as trustee of such moneys and shall hold and apply thesame for the purposes hereof, subject to such regulations as this chapter andthe resolution authorizing the bonds of any issue or the trust agreementsecuring such bonds may provide.
(1972, c. 686.)