Sec. 8.
All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this act. The resolution authorizing the bonds or the trust agreement securing such bonds 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 hereof, subject to such regulations as this act and such resolution or trust agreement may provide.
History: 1954, Act 99, Imd. Eff. Apr. 12, 1954
Structure Michigan Compiled Laws
Act 99 of 1954 - International Bridge Authority (254.221 - 254.240)
Section 254.221 - International Bridge Authority; Definitions.
Section 254.222 - Revenue Bonds; Statement, Expenses.
Section 254.223 - International Bridge Authority; Powers and Duties; Value of Assets; Efficiencies.
Section 254.223a - Expenditure From Bridge Revenues; Purposes; Payment.
Section 254.228 - Trust Funds; Depository Acting as Trustee.
Section 254.229 - Trust Agreement or Resolution; Enforcement.
Section 254.230 - Bonds; Negotiable Instruments.
Section 254.231 - Purpose of Project; Taxation.
Section 254.232 - Bonds Made Securities.
Section 254.233 - Revenue Refunding Bonds; Purpose, Regulation.
Section 254.234 - Vehicular Traffic Facilities; Covenant With Bondholders; Limitations.
Section 254.237 - Powers; Supplemental and Additional.
Section 254.238 - Construction of Act.
Section 254.239 - Repealed. 2000, Act No. 243, Imd. Eff. June 29, 2000.