§ 45-38.1-12 - Trust funds. - Rhode Island Statutes

SECTION 45-38.1-12

   § 45-38.1-12  Trust funds. – All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or as revenues, are deemed to be trust funds tobe held and applied solely as provided in this chapter. Any officer with whom,or any bank or trust company with which, the moneys are deposited, shall act astrustee of the moneys and shall hold and apply the moneys for the purposes ofthis chapter, subject to regulations as this chapter and the resolutionauthorizing the bonds of any issue or the trust agreement securing the bondsmay provide.