Notwithstanding any other provisions of law, all money received by the foundation under the provisions of the Educational Assistance Act shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of the money may be temporarily invested pending disbursement and shall provide that any officer with whom or any bank or trust company with which the money is deposited shall act as trustee of the money and shall hold and apply the money for the purposes of the Educational Assistance Act pursuant to the resolution or trust agreement.
History: Laws 1981, ch. 319, § 13; 2011, ch. 168, § 5.
The 2011 amendment, effective June 17, 2011, eliminated the requirement that money of the foundation be invested as provided in the Educational Assistance Act.
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