§ 159D-13. Trust funds.

136 words·~1 min read·/nc/chapter-159d/159d-13

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of this Article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this Article. The security document may provide that any of the money may be temporarily invested and reinvested pending its disbursement in any securities and other investments as provided in such security document, and shall provide that any officer with whom, or any bank or trust company with which, the money is deposited shall act as trustee and shall hold and apply it for the purpose of this Article, subject to any regulations this Article and the security document provide.

(1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)