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New Jersey Statutes, Title: 27, HIGHWAYS
Chapter 23: Transportation projects.
Section: 27:23-10: Trust funds
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.
This section added to the Rutgers Database: 2012-09-26 13:37:49.
Older versions of 27:23-10 (if available):
Court decisions that cite this statute:
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