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§ 9-958. Trust fund

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 9. Water and Sewer Authorities
Part VI. Miscellaneous Provisions
MD Code, Environment, § 9-958
§ 9-958. Trust fund
Currentness
Proceeds from sale of bonds or a revenue held in trust fund
(a) Any money that an authority receives under this subtitle as proceeds from the sale of bonds or as revenues is a trust fund that the authority shall hold and apply only as provided in this subtitle.
Duties of officer, bank, trust company, or other fiscal agent
(b) The resolution or trust agreement that provides for the issuance of or secures bonds of an authority shall provide that any officer to whom, or any bank, trust company, or other fiscal agent to which, the authority pays any money received under this subtitle shall:
(1) Act as trustee of the money; and
(2) Hold and apply the money:
(i) For the purposes of this subtitle; and
(ii) Subject to any provision of the resolution or trust agreement.

Credits

Added by Acts 1985, c. 173, § 2.
MD Code, Environment, § 9-958, MD ENVIR § 9-958
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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