§ 8D-9. Moneys received deemed to be trust funds.  

Latest version.
  • All moneys received pursuant to the authority of this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of revenue bonds, or the trust agreement securing such bonds, shall provide that any officer to whom, or any banks, trust company or other fiscal agent to which, such moneys shall be paid shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such resolution or trust agreement may provide.

(Ch. 22960, § 8, Laws 1945; Ord. No. 78-27, § 2, 4-4-78)