§ 8-10-1-18 — Disposition of revenues

Indiana § 8-10-1-18

• Jurisdiction: Indiana
• Art. 10: PORTS
• Ch. 1: Ports of Indiana─Organization

Text

All money received pursuant to the authority
of this chapter, whether as proceeds from the sale of bonds, from
revenues, or otherwise, shall be deemed to be trust funds to be held and
applied solely as provided in this chapter, but prior to the time when
needed for use may be invested to the extent and in the manner
provided by IC 5-13-10.5, insofar as applicable. Such funds shall be
kept in depositories designated as depositories for funds of the state as
selected by the ports of Indiana, in the manner provided by the
governing statutes in so far as applicable. The resolution of the
commission authorizing the issuance of bonds or the trust agreement
securing such bonds shall provide that any officer to whom, or any
bank or trust company to which, such money shall be entrusted, shall
act as trustee of such money and shall hold and apply the same for the
purposes hereof, subject to the provisions of this chapter and of the
authorizing resolution or trust agreement.
Formerly: Acts 1961, c.11, s.18. As amended by P.L.66-1984,
SEC.7; P.L.19-1987, SEC.24; P.L.18-1996, SEC.28; P.L.98-2008,
SEC.28.