§ 160A-480.10. Trust funds. - North Carolina Statutes

§ 160A‑480.10. Trust funds.

Notwithstanding any other provision of law to the contrary, all moneyreceived pursuant to the authority of this Part, whether as proceeds from thesale of bonds or notes or as revenues, shall be deemed to be trust funds to be heldand applied solely as provided in this Part. The resolution authorizing theissuance of, or the trust agreement securing, any bonds or notes may providethat any of these moneys may be temporarily invested and reinvested pendingtheir disbursement and shall provide that any officer with whom, or any bank ortrust company with which, the moneys shall be deposited shall act as trustee ofthe moneys and shall hold and apply the moneys for the purpose hereof, subjectto any regulations this Part and the resolution or trust agreement may provide.Any of these moneys may be invested as provided in G.S. 159‑30, as it maybe amended from time to time. (1995, c. 458, s. 1.)