Delaware § 326 Moneys as trust funds

Delaware Statutes

§ 326 — Moneys as trust funds

Delaware·Title 17·Ch. 3 THE DELAWARE MEMORIAL BRIDGE

All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of revenue bonds as grants or other contributions or as tolls and revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter and none thereof shall revert to the General Fund of the State Treasury. The Department shall, in the resolution authorizing the issuance of bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the tolls and revenues to be received to any officer, agency, bank or trust company, who shall act as trustee of such funds and hold and apply the same to the purposes hereof, subject to such regulations as this chapter and such resolution or trust indenture may provide.

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All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of revenue bonds as grants or other contributions or as tolls and revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter and none thereof shall revert to the General Fund of the State Treasury. The Department shall, in the resolution authorizing the issuance of bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the tolls and revenues to be received to any officer, agency, bank or trust company, who shall act as trustee of such funds and hold and apply the same to the purposes hereof, subject to such regulations as this chapter and such resolution or trust indenture may provide.

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