Section 254.228 - Trust funds; depository acting as trustee. - Michigan Statutes

INTERNATIONAL BRIDGE AUTHORITY (EXCERPT)
Act 99 of 1954

254.228 Trust funds; depository acting as trustee.

Sec. 8.

All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this act. The resolution authorizing the bonds or the trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this act and such resolution or trust agreement may provide.

History: 1954, Act 99, Imd. Eff. Apr. 12, 1954