All money received pursuant to the issuance of revenue bonds or revenue notes or as revenues, receipts or income, shall be trust funds if such is provided for in the proceedings under which the revenue bonds or revenue notes are authorized. Any officer with whom, or any bank or trust company with which, money shall be deposited as trustee hereof shall hold and apply the money for the purposes thereof, subject to the applicable provisions of this chapter, the proceedings authorizing the revenue bonds or revenue notes, and the trust agreement securing the revenue bonds or revenue notes, if any.
History of Section.
P.L. 1989, ch. 557, § 3.