Delaware Code Title 31 Sec. 4024 – Moneys as trust funds
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or grants or other contributions from any person corporate or otherwise, or government, or as fees and revenues shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The issuing officer shall, in the resolution authorizing the issuance of bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the fees and revenues to be received, to any officer, agency, bank or trust company who shall act as trustee of such funds, and shall hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust indenture may provide.
Terms Used In Delaware Code Title 31 Sec. 4024
- Authority: means a public body corporate or politic, organized in accordance with Chapter 43 or 45 of this title for a purpose, with the powers and subject to the restrictions set forth in those chapters, including a community exercising the powers and duties of a slum clearance and redevelopment authority; provided however, that "Authority" shall not mean the Delaware State Housing Authority. See Delaware Code Title 31 Sec. 4001
- Government: includes the State and federal governments and any subdivision, agency or instrumentality, corporate or otherwise, of either of them. See Delaware Code Title 31 Sec. 4001
- Issuing officer: means the Housing Director. See Delaware Code Title 31 Sec. 4001
- Trustee: A person or institution holding and administering property in trust.