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26:2i-11. Moneys Of Authority; 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. 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 the resolution authorizing the bonds of any issue or the trust agreement securing such bonds may provide.

L.1972, c. 29, s. 11.

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Local Government
New Jersey
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Phil Murphy
Phil Murphy
January 16, 2018 -
Democratic
1-609-292-6000
125 West State Street, Trenton, NJ, 08625

Keywords
trust
bonds
subject
provide
securing
regulations
resolution
authorizing
agreement
issue