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The 189th General Court of the Commonwealth of Massachusetts

Section 14: Monies received; trust funds

Section 14. All monies received pursuant to the Authority of this chapter, whether as proceeds from the sale of bonds or notes, in connection with any savings program or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, such monies shall be deposited shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the resolution authorizing the bonds or notes of any issue or the trust agreement securing such bonds or notes may provide.