Indiana Code 5-20-1-11. Receipts as trust funds; investment
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Terms Used In Indiana Code 5-20-1-11
- Authority: means the Indiana housing and community development authority created by section 3 of this chapter. See Indiana Code 5-20-1-2
- Obligations: means any bonds or notes authorized to be issued by the authority under this chapter. See Indiana Code 5-20-1-2
- Trustee: A person or institution holding and administering property in trust.
Sec. 11. All Moneys Received Are Trust Funds and May Be Temporarily Invested. Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter are trust funds to be held and applied solely as provided in this chapter. The resolution authorizing any obligations, or the trust agreement securing the same, may provide that any of such moneys may be temporarily invested pending the disbursement thereof, and shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide.
As added by Acts 1978, P.L.28, SEC.1.