10.1-1611 - Moneys received deemed trust funds. - Virginia Statutes

§ 10.1-1611. Moneys received deemed trust funds.

All moneys received pursuant to the authority 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. Theresolution authorizing the bonds of any issue or the trust agreement securingsuch bonds shall provide that any officer with whom, or any bank or trustcompany with which, such moneys are deposited shall act as a trustee of suchmoneys and shall hold and apply the moneys for the purposes hereof, subjectto such regulations as this chapter and the resolution or trust agreement mayprovide.

(1986, c. 360, § 10-158.8; 1988, c. 891.)