§ 35-8.1-19 - Trust funds. - Rhode Island Statutes

SECTION 35-8.1-19

   § 35-8.1-19  Trust funds. – All moneys 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 as may be provided in the resolution authorizingthe issuance of the bonds or the loan and trust agreement securing the bonds.The authority shall, in the resolution authorizing the bonds or in the loan andtrust agreement securing the bonds, provide for the payment of proceeds of thesale of the bonds and the revenues to be received to a trustee, which shall beany trust company or bank having the powers of a trust company within orwithout the state, which shall act as trustee of the funds, and which shallhold and apply the funds to the purposes of this chapter, subject to suchregulations as this chapter and the resolution or loan and trust agreement mayprovide.