§ 39-18-10 - Trust funds. - Rhode Island Statutes

SECTION 39-18-10

   § 39-18-10  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 solely as provided in this chapter. The authoritymay, in the resolution authorizing the bonds or in the trust agreement securingthe bonds, provide for the payment of the proceeds of the sale of the bonds andthe revenues to be received to a trustee, which shall be any trust company orbank having the powers of a trust company within or without the state, whichshall act as trustee of the bonds, and hold and apply the bonds to the purposesof this chapter, subject to this chapter and to regulations as the resolutionor trust agreement may provide or may provide for the funds to be held in aseparate account of the authority maintained at any bank within or without thestate to be disbursed therefrom on the instructions of such officer or officersof the authority as may be so authorized and empowered by resolution of theauthority.