Ky. Rev. Stat. § 164A.110

Current through Acts Received April 24, 2024
Section 164A.110 - All moneys received deemed trust funds

Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing any obligations or the trust agreement securing the same may provide that any of such moneys may be temporarily invested pending the disbursement thereof and 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 chapter and such resolution or trust agreement may provide. Any such moneys or any other moneys of the corporation may be invested as provided in KRS 386.020.

KRS 164A.110

Effective:6/17/1978
Created 1978 Ky. Acts ch. 387, sec. 11, effective6/17/1978.