§ 16-62-11 - Trust funds. - Rhode Island Statutes

SECTION 16-62-11

   § 16-62-11  Trust funds. – All money received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or notes or as revenues, receipts, or income,shall be trust funds to be held and applied solely as provided in theproceedings under which the bonds or notes are authorized. Any officer withwhom, or any bank or trust company with which, any money shall be deposited astrustee of it shall hold and apply the money for its purposes, subject to theapplicable provisions of this chapter, the proceedings authorizing the bonds ornotes, and the trust agreement securing those bonds or notes, if any.