Title 31, Chapter 7, Section 37
( 31-7-37)
All moneys received pursuant to this article, whether as proceeds
from the sale of revenue bonds, as grants or other contributions, or
as revenues and earnings, shall be deemed to be trust funds, to be
held and applied solely as provided in this article. The authority
shall, in the resolution providing for the issuance of revenue bonds
or in the trust indenture, provide for the payment of the proceeds
of the sale of the bonds and the earnings and revenues to be
received to any officer who or any agency, bank, or trust company
which shall act as trustee of such funds and shall hold and apply
the same to the purposes hereof, subject to such regulations as this
article and such resolution or trust indenture may provide. |