18A:72A-12 - Moneys of authority; trust funds - New Jersey Statutes

18A:72A-12.  Moneys of authority;  trust funds    All moneys received pursuant to the authority of this chapter, 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 chapter.  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 chapter and the  resolution authorizing the bonds of any issue or the trust agreement securing  such bonds may provide.
 
L.1967, c.271.