159D-13. Trust funds.
Notwithstanding any other provisions of law to the contrary, all money received pursuant to the authority of this Article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this Article. The security document may provide that any of the money may be temporarily invested and reinvested pending its disbursement in any securities and other investments as provided in such security document, and shall provide that any officer with whom, or any bank or trust company with which, the money is deposited shall act as trustee and shall hold and apply it for the purpose of this Article, subject to any regulations this Article and the security document provide. (1977, 2nd Sess., c. 1198, s. 1; 2000-179, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 159D - The North Carolina Capital Facilities Financing Act
Article 1 - Industrial And Pollution Control Facilities Financing.
§ 159D-2 - Legislative findings and purposes.
§ 159D-4.1 - Jurisdiction of the agency.
§ 159D-7 - Approval of project by Secretary of Commerce.
§ 159D-10 - Location of projects.
§ 159D-11 - Financing agreements.
§ 159D-12 - Security documents.
§ 159D-15 - Construction contracts.
§ 159D-16 - Conflict of interest.
§ 159D-17 - Credit of State not pledged.
§ 159D-18 - Bonds eligible for investment.
§ 159D-19 - Revenue refunding bonds.
§ 159D-20 - No power of eminent domain.
§ 159D-24 - Officers not liable.
§ 159D-25 - Additional method.