Section 16-18A-12 Moneys considered trust funds. - Alabama Statutes

Section 16-18A-12

Moneys considered trust funds.

All moneys received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and interest coupons thereto appertaining and shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter and as provided in the authorizing resolutions of the authority.

(Acts 1979, No. 79-322, p. 475, §12.)