52:18A-78.25 - Moneys received pursuant to act as trust funds - New Jersey Statutes

52:18A-78.25.  Moneys received pursuant to act as trust funds
    All sums of money received pursuant to the authority of this act, whether as  proceeds from the sale of bonds or notes or as revenues or receipts, shall be  deemed to be trust funds to be held and applied solely as provided in the proceedings under which the bonds or notes are authorized.  Any officer with whom or any bank or trust company with which such sums of money shall be deposited as trustee thereof shall hold and apply the same for the purposes thereof, subject to such provisions as this act and the proceedings authorizing  the bonds or notes of any issue or the trust agreement securing the bonds or  notes may provide.

     L.1981, c. 120, s. 25, eff. April 16, 1981.