Maine Statutes
§ 4 §1608 — Trust funds
All money received pursuant to the authority of this Act shall be considered to be trust funds, to be held and applied solely as provided in this Act. Any officer to whom, or any bank, trust company or other fiscal agent or trustee to which, that money is paid shall act as trustee of the money and shall hold and apply the money for the purpose of this Act, subject to such rules as may be adopted by the authority pursuant to this Act and as the resolution or trust agreement may provide.
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Legislative History
PL 1987, c. 438, §1 (NEW).
Nearby Sections
15
§ 4 §1601
Short title§ 4 §1603
Definitions§ 4 §1604
Powers§ 4 §1606
Issuance of securities§ 4 §1608
Trust funds§ 4 §1609
Remedies§ 4 §1610
Revenue refunding securities§ 4 §1610-A
Additional securities§ 4 §1610-B
Additional securities