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Code · Oklahoma · Title 70 — Schools

§70-23-114. Monies received are trust funds.

119 words·~1 min read·/ok/title-70-schools/70-23-114·

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All monies received pursuant to the authority of this article, whether as proceeds from the sale of bonds or other revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this article. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer to whom, or any bank or trust company to which, such monies shall be paid shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this article and such resolution or trust agreement may provide. Added by Laws 1971, c. 281, § 23-114, eff. July 2, 1971.
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