§ 23-19-18 - Trust funds. - Rhode Island Statutes

SECTION 23-19-18

   § 23-19-18  Trust funds. – All money received pursuant to the authority of this chapter, whether asprovided 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 moneys shall be deposited astrustee, shall hold and apply the trust funds for the purposes for which thebonds or notes are authorized, subject to the applicable provisions of thischapter, the proceedings authorizing the bonds or notes, and the trustagreement securing the bonds or notes, if any.