§ 42-133-9 - Trust funds. - Rhode Island Statutes

SECTION 42-133-9

   § 42-133-9  Trust funds. – All money received pursuant to the authority of this chapter, whether asprovided from the sale of bonds or state's tobacco receipts purchased by thecorporation, or investment income, shall be trust funds to be held and appliedsolely as provided in the proceedings under which the bonds of the corporationare authorized. Any officer with whom, or any bank or trust company with whichmonies shall be deposited as trustee, shall hold and apply the trust funds forthe purposes for which the bonds are authorized, subject to the applicableprovisions of this chapter, the proceedings authorizing the bonds, and thetrust agreement securing the bonds, if any.