All money received by a research park corporation from bonds issued under the provisions of the University Research Park and Economic Development Act shall be deemed funds to be held in trust, applied as provided in that act or transferred to other research park corporations, nonprofit corporations or the university as the research park corporation deems appropriate. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of the money covered by this section may be temporarily invested pending its disbursement. The resolution shall provide that any officer with whom, or any bank or trust company with which, the money is deposited shall act as trustee of the money and shall hold and apply the money for the purposes of the University Research Park and Economic Development Act, subject to provisions that rules under that act and the resolution or trust agreement may specify. Any such money described in this section received by a research park corporation may be invested as provided in the University Research Park and Economic Development Act.
History: Laws 1989, ch. 264, § 13; 1991, ch. 220, § 2; 2007, ch. 247, § 11.
The 2007 amendment, effective June 15, 2007, changed the name of the act.
The 1991 amendment, effective June 14, 1991, inserted "from sale of bonds" in the catchline; inserted "from bonds issued" and substituted "funds to be held in trust" for "to be in trust" preceding "funds to be held" in the first sentence; inserted "covered by this section" in the second sentence; substituted "money received by a" for "money or any other money of the" in the final sentence; and made minor stylistic changes.
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