116-180. Moneys received deemed trust funds.
All moneys received pursuant to the authority of this Article shall be deemed to be trust funds, to be held and applied solely as provided in this Article. The resolution authorizing the issuance of bonds or the trust agreement securing such bonds shall provide that any officer to whom, or bank, trust company or fiscal agent to which, such moneys shall be paid shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as such resolution or trust agreement may provide. (1957, c. 1131, s. 6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 116 - Higher Education
Article 19 - Revenue Bonds for Student Housing.
§ 116-176 - Issuance of bonds.
§ 116-177 - Revenues for payment of bonds; rules for use of facilities.
§ 116-179 - Sale of bonds; functions performed by executive committee.
§ 116-180 - Moneys received deemed trust funds.
§ 116-183 - Acceptance of grants; exemption from taxation.