New Jersey Statutes
§ 18A:72A-12 — Moneys of authority; trust funds
New Jersey·Title 18A EDUCATION
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. Any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the resolution authorizing the bonds of any issue or the trust agreement securing such bonds may provide. L.1967, c.271.
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Nearby Sections
15
§ 18A:72A-1
Preamble, purpose of chapter§ 18A:72A-11
Further powers of authority§ 18A:72A-11.1
Refinancing outstanding mortgages of private lenders.§ 18A:72A-12
Moneys of authority; trust funds§ 18A:72A-12.1
Investment or reinvestment of funds§ 18A:72A-12.2
Short title.§ 18A:72A-12.4
County college capital projects fund, established.§ 18A:72A-12.5
Loan agreement to issue bonds, notes.§ 18A:72A-12.6
"Dormitory Safety Trust Fund."§ 18A:72A-12.7
Establishment of program to provide loans.§ 18A:72A-12.8
Issuance of bonds, notes.§ 18A:72A-13
Bondholders; enforcement of rights