Funds for sales of obligations as trust funds — application of funds.

Moneys received by or on behalf of the authority under this chapter , whether as proceeds from the sale of obligations or as revenues, are trust funds to be held and applied as provided in this chapter . An officer with whom, or a bank or trust company with which the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes of this chapter , subject to rules that this chapter and the bond resolution authorizing the obligations of an issue may provide. [ 82 Acts, ch 1031, §16 ] Referred to in §261A.24