§5409. Trust funds
Notwithstanding any other law, all money received under the authority of this chapter is deemed to be trust funds, to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of bonds or the trust agreement securing the bonds shall provide that any officer to whom, or bank, trust company or other fiscal agent to which, this money is paid, act as trustee of the money and hold and apply the money for the purposes of this chapter, subject to any regulations provided in the resolution or trust agreement or required by this chapter. [PL 1987, c. 737, Pt. A, §2 (NEW); PL 1987, c. 737, Pt. C, §106 (NEW); PL 1989, c. 6 (AMD); PL 1989, c. 9, §2 (AMD); PL 1989, c. 104, Pt. C, §§8, 10 (AMD).]
SECTION HISTORY
PL 1987, c. 737, §§A2,C106 (NEW). PL 1989, c. 6 (AMD). PL 1989, c. 9, §2 (AMD). PL 1989, c. 104, §§C8,10 (AMD).
Structure Maine Revised Statutes
TITLE 30-A: MUNICIPALITIES AND COUNTIES
Chapter 213: REVENUE PRODUCING MUNICIPAL FACILITIES ACT
30-A §5402. Declaration of public necessity
30-A §5403. General grant of powers
30-A §5404. Issuance of revenue bonds
30-A §5406. Collection of revenue-producing facilities' charges
30-A §5407. Application of revenues; annual report
30-A §5408. Pledges and covenants; trust agreement
30-A §5411. Revenue-refunding bonds
30-A §5412. Authorizing resolution
30-A §5413. Exemption from taxation