§10957. Trust funds
All money received pursuant to the authority of this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter and in the resolution of the trustees authorizing the financing transaction. Any officer to whom, or any bank, trust company or other fiscal agent or trustee to which that money shall be paid shall act as trustee of that money and shall hold and apply the money for that purpose, subject to such regulations as this chapter and the resolution or trust agreement may provide. [PL 1987, c. 735, §14 (NEW).]
SECTION HISTORY
PL 1987, c. 735, §14 (NEW).
Structure Maine Revised Statutes
Part 5: POST-SECONDARY EDUCATION
Chapter 412: BORROWING AUTHORITY FOR THE UNIVERSITY OF MAINE SYSTEM
20-A §10950. Legislative findings of fact
20-A §10953. Assured revenues financing transactions
20-A §10954. Other financing transactions
20-A §10955. Terms of financing transactions
20-A §10956. Security for indebtedness; trust agreement
20-A §10959. Refunding indebtedness
20-A §10961. Governmental functions
20-A §10962. Liberal construction
20-A §10963. Evidences of indebtedness