TITLE 3. POSTSECONDARY EDUCATION 66000-101060›DIVISION 10. PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS 94000-95010›PART 59. PRIVATE POSTSECONDARY AND HIGHER EDUCATION INSTITUTIONS 94000-95010›CHAPTER 2. California Educational Facilities Authority Act 94100-94213›ARTICLE 4. Powers and Duties; Notes and Bonds 94140-94156
§ 94149
California Education Code · 2020-11 edition · updated 2026-10-04 · California
All moneys received pursuant to the authority of this chapter, whether as proceeds from selling or incurring bonds, or as revenue, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. Notwithstanding any other law, until the funds are applied as provided in this chapter, the moneys may be invested in any obligations or securities authorized by resolutions of the authority authorizing the issuance of the bonds. An officer with whom, or any bank or trust company with which, the moneys are deposited shall act as trustee of the moneys and shall hold and apply the moneys for the purposes hereof, subject to any regulations adopted pursuant to this chapter and the resolution authorizing the issuance of any bonds or the trust agreement securing the bonds.
(Amended by Stats. 2014, Ch. 154, Sec. 7. (AB 1668) Effective July 21, 2014.)
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