162A-11. 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 this Article and such resolution or trust agreement may provide. (1955, c. 1195, s. 10; 1971, c. 892, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 162A - Water and Sewer Systems
Article 1 - Water and Sewer Authorities.
§ 162A-3.1 - Alternative procedure for creation.
§ 162A-4 - Withdrawal from authority; joinder of new subdivision.
§ 162A-5 - Members of authority; organization; quorum.
§ 162A-5.1 - Political subdivision allowed to join certain authorities.
§ 162A-6 - Powers of authority generally.
§ 162A-6.1 - Privacy of employee personnel records.
§ 162A-9 - Rates and charges; notice; contracts for water or services; deposits; delinquent charges.
§ 162A-9.1 - Adoption and enforcement of ordinances.
§ 162A-11 - Moneys received deemed trust funds.
§ 162A-12 - Bondholder's remedies.
§ 162A-14 - Conveyances and contracts between political subdivisions and authority.
§ 162A-16 - Contributions or advances to authority by political subdivisions.
§ 162A-17 - Article regarded as supplemental.