§ 35-12-10 - Trust funds. - Rhode Island Statutes

SECTION 35-12-10

   § 35-12-10  Trust funds. – All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of notes or as revenues, receipts, or income, shall betrust funds to be held and applied solely as provided in the proceedings underwhich the notes are authorized. Any officer with whom, or any bank or trustcompany with which, these money shall be deposited as trustee thereof shallhold and apply the money for the purposes thereof, subject to the applicableprovisions of this chapter, the proceedings authorizing the notes, and thetrust agreement securing the notes, if any.