§ 24-12-29 - Trust funds – Trustee. - Rhode Island Statutes

SECTION 24-12-29

   § 24-12-29  Trust funds – Trustee.– All money received pursuant to the provisions of this chapter, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this chapter. The authorityshall, in the resolution authorizing the bonds or in the trust agreementsecuring the bonds, provide for the payment of the proceeds of the sale of thebonds and the revenues to be received to a trustee, which shall be any trustcompany or bank having the powers of a trust company within or without thestate, who shall act as trustee of the funds, and hold and apply the bonds tothe purposes of this chapter, subject to the regulations as this chapter andthe resolution or trust agreement may provide.