§ 159D-13. Trust funds. - North Carolina Statutes

§ 159D‑13.  Trustfunds.

Notwithstanding any other provisions of law to the contrary, all moneyreceived pursuant to the authority of this Article, whether as proceeds fromthe sale of bonds or as revenues, are trust funds to be held and applied solelyas provided in this Article. The security document may provide that any of themoney may be temporarily invested and reinvested pending its disbursement inany securities and other investments as provided in such security document, andshall provide that any officer with whom, or any bank or trust company withwhich, the money is deposited shall act as trustee and shall hold and apply itfor the purpose of this Article, subject to any regulations this Article andthe security document provide. (1977, 2nd Sess., c. 1198, s. 1; 2000‑179, s. 2.)