The commission shall, in any indenture, designate a trustee or fiscal agent, which shall be a bank or trust company, or banks or trust companies, duly qualified to do business in this state, to receive the proceeds of such bonds and to hold the same separate and apart from all other funds of the commission. Such moneys shall be paid out and disbursed as provided in the indenture.

(Amended by Stats. 1979, Ch. 1079.)

Terms Used In California Government Code 67633

  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • Trustee: A person or institution holding and administering property in trust.
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