40-406. TRUST FUNDS. All moneys received relating to turnpike projects, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely for turnpike projects. A resolution authorizing bonds of any issue or a trust agreement securing bonds shall provide that any officer with whom, or any bank or trust company with which, the moneys shall be deposited shall act as trustee of the money and shall hold and apply it for the purposes of the turnpike project, subject to the resolution or as a trust agreement may provide.
History:
[40-406, added 1985, ch. 253, sec. 2, p. 608.]
Structure Idaho Code
Title 40 - HIGHWAYS AND BRIDGES
Chapter 4 - IDAHO TURNPIKE AUTHORITY
Section 40-401 - TURNPIKE PROJECTS.
Section 40-402 - IDENTIFICATION OF TURNPIKE PROJECTS.
Section 40-404 - FEEDER HIGHWAYS.
Section 40-405 - TOLLS, FIXING AND COLLECTING.
Section 40-408 - TAX EXEMPTION — TURNPIKE PROJECTS.
Section 40-409 - REAL PROPERTY GRANTS AUTHORIZED — ANNUAL REPORT — INTEREST IN CONTRACT PENALIZED.
Section 40-411 - POWER TO ISSUE BONDS — CREDIT OF STATE NOT PLEDGED.
Section 40-412 - BONDS OF BOARD AS TURNPIKE AUTHORITY.