Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of the chapter, whether as proceeds from the sale of bonds, sale of property or insurance, or as payments of student loans, whether principal, interest or penalties, if any, thereon, or as insurance premiums, or from the purchase or sale of obligations, or as any other receipts or revenues derived hereunder, shall be deemed as trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the bonds of any issue may provide that any of such money may be temporarily invested in securities authorized by Sections 6-5-10 to 6-5-40, pending the disbursement thereof and shall provide that any officer with whom, or any bank or trust company with which, such money shall be deposited shall act as trustee of such money and shall hold and apply the money for the purposes hereof, subject to such regulations as this chapter and such resolution may provide.
HISTORY: 1962 Code Section 22-96.10; 1971 (57) 775.
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