61-08-23. Where money received from bond issue placed - Lien on money

61-08-23. Where money received from bond issue placed - Lien on money All money received from any bond issue must be placed in a fund and applied solely for the purpose for which it was borrowed and for no other purpose except that the money may be temporarily invested in securities approved by the board. A lien is granted upon the money until so applied, in favor of the owners or holders of the bonds or in favor of the trustee appointed in connection with the bonds.