16.44 - APPLICATION OF FUNDS FROM SALES OF OBLIGATIONS. - Iowa Statutes

16.44 APPLICATION OF FUNDS FROM SALES OF OBLIGATIONS. All moneys received by or on behalf of the authority, whether as proceeds from the sale of obligations or as revenues, are trust funds to be held and applied solely for the purposes specified in the appropriation, bond resolution, or other document authorizing receipt of the moneys by the authority. A person with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes specified in this chapter subject to limitations specified in this chapter and in the bond resolution authorizing the issuance of the obligations.          Section History: Early Form [82 Acts, ch 1173, § 6]          Section History: Recent Form C83, § 220.44 C93, § 16.44