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Code · Illinois · Chapter 110 — HIGHER EDUCATION · Act 945

Sec. 14. Funds from sale of Bonds as trust funds - Application of funds.

114 words·~1 min read·/il/chapter-110/act-945/14

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Sec. 14. Funds from sale of Bonds as trust funds - Application of funds. All monies received by or on behalf of the Authority pursuant to the authority of this Act, whether as proceeds from the sale of Bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Act. Any officer with whom, or any bank or trust company with which, such monies shall be deposited shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this Act and the Bond resolution authorizing the Bonds of any issue may provide.
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