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Code · Delaware · Title 17 — Highways · Chapter 4. Delaware Interstate Highway Division

§ 422. Moneys as trust funds.

124 words·~1 min read·/de/title-17/chapter-4-delaware-interstate-highway-division/422·

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All moneys received pursuant to this chapter, whether as proceeds from the sale of bonds or grants or other contributions, or as tolls and revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The Department shall, in the resolution authorizing the issuance of bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the tolls and revenues to be received, to any officer, agency, bank or trust company, who shall act as trustee of such funds, and shall hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust indenture may provide.
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