825

All moneys received pursuant to the power conferred herein shall be considered as trust funds to be withheld and applied solely as provided in this chapter. The resolution authorizing the bond issue or the trust contract guaranteeing the said bonds shall provide that any officer, bank, trust company or fiscal agent to whom said moneys are paid shall act as trustee of said moneys and shall withhold and apply the same for the purposes set forth, subject to the regulations provided by the resolution or trust contract. History —June 18, 1958, No. 50, p. 88, § 5.