Sec. 15. (a) All moneys received pursuant to the
authority of this chapter, 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 chapter. Such funds shall be kept in depositories as selected by the authority and may be invested until expended, all as provided by law.
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Terms Used In Indiana Code 8-15-2-15
- Authority: refers to the Indiana finance authority established by Indiana Code 8-15-2-4
- Revenues: means all tolls, rentals, gifts, grants, money, and all other funds and property coming into the possession or under the control of the authority by virtue of the terms and provisions of this chapter, except the proceeds from the sale of bonds issued under the provisions of this chapter and earnings thereon. See Indiana Code 8-15-2-4
- toll road project: includes any subsequent improvement, betterment, enlargement, extension, or reconstruction of an existing project. See Indiana Code 8-15-2-4
- Trustee: A person or institution holding and administering property in trust.
(1) act as trustee of such moneys; and
(2) hold and apply the same for the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide.
(c) This section does not apply to money paid or received with respect to a toll road project that is the subject of a public-private agreement under IC 8-15.5.
Formerly: Acts 1951, c.281, s.15. As amended by Acts 1980, P.L.74, SECS.245, 246; P.L.109-1983, SEC.20; P.L.47-2006, SEC.14.
