1. The Laws of New York
  2. Unconsolidated Laws
  3. Urban Development Corporation Act 174/68

Section 21 Trust funds

Urban Development Corporation Act 174/68 (UDA)

All moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or notes or as revenues, receipts or income, shall be deemed to be trust funds to be held and applied solely as provided in the proceedings under which such bonds or notes are authorized. Any officer with whom or any bank or trust company with which such moneys shall be deposited as trustee thereof shall hold and apply the same for the purposes thereof, subject to such provisions as this act and the proceedings authorizing the bonds or notes of any issue or the trust agreement securing such bonds or notes may provide.