New Jersey Statutes
§ 27:23-10 — Trust funds
New Jersey·Title 27 HIGHWAYS
All moneys received pursuant to the authority of this act, 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 act. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that 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 act and such resolution or trust agreement may provide. L.1948, c. 454, p. 1868, s. 10.
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Nearby Sections
15
§ 27:23-1
Transportation projects.§ 27:23-10
Trust funds§ 27:23-11
Remedies§ 27:23-12
Exemption from taxation.§ 27:23-13
Bonds eligible for investment§ 27:23-15
Refunding bonds.§ 27:23-16
Projects part of State highway system.§ 27:23-17
Preliminary expenses.§ 27:23-18
Additional, alternative methods.§ 27:23-19
Act liberally construed§ 27:23-2
Credit of State not pledged.§ 27:23-20
Severability§ 27:23-21
Inconsistent laws inapplicable§ 27:23-22
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