Alabama Statutes

§ 16-18A-12 — Moneys Considered Trust Funds

Alabama·Title 16 Education·Ch. 18A Private Colleges and Universities Facilities Authority

All moneys received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and interest coupons thereto appertaining and shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter and as provided in the authorizing resolutions of the authority.

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Legislative History

(Acts 1979, No. 79-322, p. 475, §12.)

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