Louisiana Revised Statutes 48:1267 – Trust funds
Terms Used In Louisiana Revised Statutes 48:1267
- Authority: shall mean the Department of Transportation and Development. See Louisiana Revised Statutes 48:1253
- Revenues: shall mean all tolls, charges, rentals, gifts, grants, moneys, and all other funds coming into the possession or under the control of the authority by virtue of the provisions hereof, except the proceeds from the sale of bonds issued under this Chapter. See Louisiana Revised Statutes 48:1253
- Trustee: A person or institution holding and administering property in trust.
A. All moneys received by the authority pursuant to this Chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed trust funds to be held and applied solely as provided in this Chapter. 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 purpose hereof, subject to the provisions of this Chapter and such regulations as such resolution or trust agreement may provide.
B. When, in the opinion of the authority, all moneys in such trust funds are not immediately needed for the purpose for which such funds are provided, the trustee of such funds, upon resolution of the authority specifically adopted for such purpose, is hereby authorized and empowered to temporarily invest and reinvest the amount of such funds authorized in such resolution in United States government securities, which securities shall be direct obligations of, or obligations the payment of the principal and interest of which is guaranteed by the United States government, or to invest and reinvest the amount of such funds in such other securities as are permitted by law for investment of idle funds by the State of Louisiana and its agencies; provided, that any such investment or reinvestment shall be subject to any pertinent provisions of the bond resolution or trust agreement. It is the intent of the legislature that trust funds not be permitted to remain idle in the hands of the trustee when such funds can be put to use as aforesaid.
Acts 1954, No. 232, §17. Amended by Acts 1970, No. 247, §1.