1967_session laws_1060_11
CHAPTER 1059 AN ACT AUTHORIZING THE BOARD OF TRUSTEES OF EAST CAROLINA COLLEGE TO CONSTRUCT AN ADDITION AND IM- PROVEMENTS TO FICKLEN STADIUM AT EAST CAROLINA COLLEGE TO PROVIDE ADDITIONAL PERMANENT SEATING FACILITIES; WITH APPURTENANCES AND INCIDENTALS, AND TO ISSUE REVENUE BONDS THEREFOR WITHOUT A PLEDGE OF TAXES OR THE FAITH AND CREDIT OF THE STATE. The General Assembly of North Carolina do enact:
Trust Funds. All moneys received pursuant to the authority of this Act, 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 Act. 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 purposes hereof, subject to such requirements as are provided in this Act and the resolution authorizing the bonds or the trust agreement securing such bonds.