§ 159D-48. Trust funds. - North Carolina Statutes

§ 159D‑48.  Trustfunds.

Notwithstanding any other provisions of law to the contrary, all moneysreceived pursuant to the authority of this Article, including fees, loanrepayments, purchase price payments, rents, charges, insurance proceeds,condemnation awards and any other revenues and funds received in connectionwith any project, are trust funds to be held and applied solely as provided inthis Article. The resolution authorizing the issuance of, or any trustagreement securing, any bonds or notes may provide that any of these moneys maybe temporarily invested pending their disbursement and shall provide that anyofficer with whom, or any bank or trust company with which, such moneys aredeposited shall act as trustee of such moneys and shall hold and apply them forthe purposes of this Article, subject to any limitations provided in thisArticle and in the resolution or trust agreement. The moneys may be invested asprovided in G.S. 159‑30, as it may from time to time be amended. (1985 (Reg. Sess., 1986), c. 794, s. 14; 2000‑179,s. 2.)