§ 8-21-9-30 — Deposit of funds

Indiana § 8-21-9-30

• Jurisdiction: Indiana
• Art. 21: AERONAUTICS
• Ch. 9: Jurisdiction Over Certain Airport Facilities

Text

All money received from any facility,
pursuant to the authority of this chapter, whether as proceeds from the
sale of bonds, from revenues, or otherwise, shall be held and accounted
for by the department separate and apart from any other money of the
department and shall be deemed to be trust funds to be held and
applied solely and exclusively for the benefit of that facility as provided
in this chapter, but prior to the time when needed for use by that facility
may be invested by the department to the extent and in the manner
provided by IC 5-13, insofar as applicable. Such funds shall be kept in
depositories designated as depositories for funds of the state as selected
by the department, in the manner provided by the governing statutes
insofar as applicable. The resolution 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 money shall be
entrusted, shall act as trustees of such money and shall hold and apply
the same for the purposes of this chapter, subject to the provisions of
this chapter and of the authorizing resolution or trust agreement.
Formerly: Acts 1971, P.L.105, SEC.2. As amended by Acts
1980, P.L.74, SEC.361; P.L.19-1987, SEC.25; P.L.3-1990,
SEC.33.