Section 11-50A-23 Trust funds. - Alabama Statutes

Section 11-50A-23

Trust funds.

All funds received by the authority pursuant to this chapter, whether as proceeds from the sale of bonds, bond anticipation notes or notes or as revenues, fees, tolls, or other charges, or as gifts, grants, or other contributions, shall be deemed to be trust funds to be held and applied solely as provided in this chapter or in any bond resolution, trust agreement or indenture authorized herein.

(Acts 1981, No. 81-681, p. 1114, §23.)