There is a newer version
of
this Section
2020 Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 2 - Toll Roads, Bridges and Ferries.
Article 5 - Alabama Toll Road, Bridge and Tunnel Authority.
Section 23-2-151 - Revenues Deemed Trust Funds; Depository Deemed Trustee.
Universal Citation: AL Code § 23-2-151 (2020)
Section 23-2-151
Revenues deemed trust funds; depository deemed trustee.
All moneys received pursuant to the authority of this article, 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 article. 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 article and the resolution or trust agreement may provide.
(Acts 1980, No. 80-691, p. 1377, §11.)
Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
