STATE STATUTES & CODES
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NORTH CAROLINA STATUTES AND CODES
§ 159I-17. Trust funds.
§ 159I‑17. Trustfunds.
Notwithstanding any other provisions of law to the contrary, all moneysreceived pursuant to this Chapter, including, without limitation, payments madeunder and the proceeds received from the sale or other disposition of loan agreement,proceeds received from the disposition by the Agency of any project and anyother revenues and funds received by the Agency, (except any portion, asdesignated by the Agency, representing administrative charges), shall be deemedto be trust funds to be held and applied solely as provided in this Chapter. The resolution authorizing the issuance of, or any trust agreement securing,any bonds or notes may provide that any of such moneys may be investedtemporarily pending the disbursement thereof and shall provide that any officerwith whom or any bank or trust company with which such moneys shall bedeposited, shall act as trustee of such moneys and shall hold and apply thesame for the purposes of this Chapter subject to such regulations as this Chapteror such resolution or trust agreement may provide. Any such moneys may bedeposited and invested as provided in G.S. 159‑30 and G.S. 147‑69.1,as either section may be amended from time to time, provided, however that:
(1) Any deposit or investment authorized by G.S. 159‑30 orG.S. 147‑69.1 may be deposited or invested with any bank located insideor outside the State, including outside the United States of America, providedthat any such bank is a bank whose unsecured obligations are rated in either ofthe two highest rating categories by either Moody's Investors Service orStandard & Poor's Corporation; and
(2) Any deposit or investment may be made pursuant to eitherG.S. 159‑30 or G.S. 147‑69.1. If one section is less restrictiveor the other section authorizes additional deposit and investment options, theAgency may proceed under either section in order that the Agency shall have thebroadest deposit and investment options available under either section. (1989, c. 756, s. 1.)