§ 162A-11. Moneys received deemed trust funds. - North Carolina Statutes

§ 162A‑11.  Moneysreceived deemed trust funds.

All moneys received pursuant to the authority of this Article shall bedeemed to be trust funds, to be held and applied solely as provided in thisArticle. The resolution authorizing the issuance of bonds or the trustagreement securing such bonds shall provide that any officer to whom, or bank,trust company or fiscal agent to which, such moneys shall be paid shall act astrustee of such moneys and shall hold and apply the same for the purposeshereof, subject to such regulations as this Article and such resolution ortrust agreement may provide. (1955, c. 1195, s. 10; 1971, c. 892, s. 1.)