§ 116-41.7. Proceeds of bonds, revenues, etc., deemed trust funds.
§ 116‑41.7. Proceeds of bonds, revenues, etc., deemed trust funds.
The proceeds of all bonds issued and all revenues and other moneysreceived pursuant to the authority of this Part shall be deemed to be trustfunds, to be held and applied solely as provided in this Part. The resolutionauthorizing the issuance of bonds shall provide that any officer to whom, orbank, trust company or fiscal agent to which, such moneys shall be paid shallact as trustee of such moneys and shall hold and apply the same for thepurposes hereof, subject to such regulations as such resolution may provide. (1961, c. 1078, s. 7.)