Massachusetts § 15 Trust funds

Massachusetts Statutes

§ 15 — Trust funds

Massachusetts § 15

Part IADMINISTRATION OF THE GOVERNMENT

Title VIICITIES, TOWNS AND DISTRICTS

Ch. 40DINDUSTRIAL DEVELOPMENT OF CITIES AND TOWNS

This text of Massachusetts § 15 (Trust funds) is published on Counsel Stack Legal Research, covering Massachusetts primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mass. Gen. Laws ch. 40D, § 15 (2026).

Text

Section 15. All monies received by an issuing municipality acting by and through an authority pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The trust agreement shall provide that any officer to whom, or any bank or trust company to which, such monies shall be paid shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the trust agreement may provide.

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Section 15. All monies received by an issuing municipality acting by and through an authority pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue bonds or as revenues, shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The trust agreement shall provide that any officer to whom, or any bank or trust company to which, such monies shall be paid shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the trust agreement may provide.

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Bluebook (online)

Massachusetts § 15, Counsel Stack Legal Research, https://law.counselstack.com/statute/ma/40D/15.