1. (a) All money received under this chapter must be held and applied solely as provided in this chapter. Until the time the money is needed for use, the money may be invested or kept in depositories designated by the commission in the manner provided by IC 5-13 .

2. (b) The resolution authorizing the issuance of bonds or the trust agreement securing the bonds must provide that any officer or any bank or trust company entrusted with money under this chapter shall:

   1. (1) act as trustee of the money; and

   2. (2) hold and apply the money for the purposes of this chapter, under this chapter and the authorizing resolution or trust agreement.

      [Pre-2008 Recodification Citation: 15-1.5-9-5.]

As added by P.L.2-2008, SEC.4.