Money shall be kept in depositories designated as depositories for money of the state as selected by the commission, in the manner provided by IC 5-13 . The resolution authorizing the issuance of bonds or the trust agreement securing the bonds must provide that:

1. (1) an officer to whom; or

2. (2) a bank or trust company to which;

   the money is entrusted shall act as trustee of the money and shall hold and apply the money for the purposes of this chapter, subject to this chapter and the authorizing resolution or trust agreement.

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

As added by P.L.1-1995, SEC.7.