§ 8-15-2-15 — Deposit of funds

Indiana § 8-15-2-15

• Jurisdiction: Indiana
• Art. 15: TOLL ROADS
• Ch. 2: Operation and Financing of Toll Roads

Text

(a) All moneys received pursuant to the
authority of this chapter, whether as proceeds from the sale of bonds or
as revenues, shall be deemed to be trust funds, to be held and applied
solely as provided in this chapter. Such funds shall be kept in
depositories as selected by the authority and may be invested until
expended, all as provided by law.
(b) The resolution authorizing the issuance of bonds of any issue or
the trust agreement securing such bonds shall provide that any officer
to whom, or any bank or trust company to which, such moneys shall be
paid shall:
(1) act as trustee of such moneys; and
(2) 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.
(c) This section does not apply to money paid or received with
respect to a toll road project that is the subject of a public-private
agreement under IC 8-15.5.
Formerly: Acts 1951, c.281, s.15. As amended by Acts 1980,
P.L.74, SECS.245, 246; P.L.109-1983, SEC.20; P.L.47-2006,
SEC.14.