§ 45-50-17 - Trust funds. - Rhode Island Statutes

SECTION 45-50-17

   § 45-50-17  Trust funds. – All moneys received pursuant to the provisions of this chapter, whether asproceeds from the sale of bonds or as revenues, are deemed to be trust funds tobe held and applied as may be provided in the resolution authorizing theissuance of the bonds or the trust agreement securing the bonds. The authorityshall, in the resolution authorizing the bonds or in the trust agreementsecuring the bonds, provide for the payment of the proceeds of the sale of thebonds and the revenues to be received to a trustee, which is any trust companyor bank having the powers of a trust company within or without the state, whichacts as trustee of the funds and holds and applies the funds to the purposes ofthis chapter, subject to regulations that this chapter and the resolution ortrust agreement may provide.