164A.110 All moneys received deemed trust funds.
Download pdf
Loading PDF...
<![CDATA[164A.110 All moneys received deemed trust funds. Notwithstanding any other provisions of law to the contrary, all moneys received pursuant <br>to the authority of this chapter shall be deemed to be trust funds to be held and applied <br>solely as provided in this chapter. The resolution authorizing any obligations or the trust <br>agreement securing the same may provide that any of such moneys may be temporarily <br>invested pending the disbursement thereof and shall provide that any officer with whom, <br>or any bank or trust company with which, such moneys shall be deposited shall act as <br>trustee of such moneys and shall hold and apply the same for the purposes hereof, subject <br>to such regulations as this chapter and such resolution or trust agreement may provide. <br>Any such moneys or any other moneys of the corporation may be invested as provided in <br>KRS 386.020. Effective: June 17, 1978 <br>History: Created 1978 Ky. Acts ch. 387, sec. 11, effective June 17, 1978. ]]>