All money received under this chapter or under IC 14-3-12 (before its repeal), whether:

1. (1) as proceeds from the sale of bonds;
2. (2) from revenues; or

3. (3) from any other source;

   is considered to be trust money to be held and applied solely as provided in this chapter. However, before the time when the money is needed for use the money may be invested to the extent and in the manner provided for entities subject to IC 5-13-10.5 .

   [Pre-1995 Recodification Citation: 14-3-12-17(a).]

As added by P.L.1-1995, SEC.7. Amended by P.L.18-1996, SEC.29.