Indiana § 5-20-1-11 Receipts as trust funds; investment

Indiana Statutes

§ 5-20-1-11 — Receipts as trust funds; investment

Indiana § 5-20-1-11

Title 5STATE AND LOCAL ADMINISTRATION

Art. 20HOUSING

Ch. 1Indiana Housing and Community Development Authority

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Bluebook

Ind. Code § 5-20-1-11 (2026).

Text

All Moneys Received Are Trust Funds and
May Be Temporarily Invested. Notwithstanding any other provisions
of law to the contrary, all moneys received pursuant to the authority of
this chapter are trust funds to be held and applied solely as provided in
this chapter. The resolution authorizing any obligations, or the trust
agreement securing the same, may provide that any of such moneys
may be temporarily invested pending the disbursement thereof, and
shall provide that any officer with whom, or any bank or trust company
with which, such moneys shall be deposited shall act as trustee of such
moneys and shall hold and apply the same for the purposes of this
chapter, subject to such regulations as this chapter and such resolution
or trust agreement may provide.
As added by Acts 1978, P.L.28, 

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All Moneys Received Are Trust Funds and
May Be Temporarily Invested. Notwithstanding any other provisions
of law to the contrary, all moneys received pursuant to the authority of
this chapter are trust funds to be held and applied solely as provided in
this chapter. The resolution authorizing any obligations, or the trust
agreement securing the same, may provide that any of such moneys
may be temporarily invested pending the disbursement thereof, and
shall provide that any officer with whom, or any bank or trust company
with which, such moneys shall be deposited shall act as trustee of such
moneys and shall hold and apply the same for the purposes of this
chapter, subject to such regulations as this chapter and such resolution
or trust agreement may provide.
As added by Acts 1978, P.L.28, SEC.1.