2005 West Virginia Code - §18-27-12. — Funds from sale of bonds as trust funds; application of funds.

§18-27-12. Funds from sale of bonds as trust funds; application of funds.

All moneys received by or on behalf of the board pursuant to the authority of this article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this article. Any officer with whom, or any bank or trust company with which, such moneys are 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 bond resolution authorizing the bonds of any issue may provide.