All moneys received by the authority pursuant to this chapter shall be deemed to be trust funds for the holders of the bonds and interest coupons thereto appertaining and shall be held and applied for the benefit of the bondholders of the respective issues as provided in this chapter and as provided in the authorizing resolutions of the authority.
Ala. Code § 16-18A-12
Moneys Considered Trust Funds.
Known as the Private Colleges and Universities Facilities Authority Act
The act spans §§ 16-18A-1 to 16-18A-9 (13 sections).
(Acts 1979, No. 79-322, p. 475, §12.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.