10.1-310 - All moneys received to be trust funds; disbursements. - Virginia Statutes

§ 10.1-310. All moneys received to be trust funds; disbursements.

All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of revenue bonds, as grants or other contributions, oras tolls and revenues, shall be held and applied solely as provided in thischapter. The Director shall, in the resolution or the trust indenture,provide for the payment of the proceeds of the sale of the bonds and thetolls and revenues to be received into the state treasury and carried on thebooks of the Comptroller in a special account. The Director may provide forthe turning over, transfer or paying over of such funds from the statetreasury to any officer, agency, bank or trust company, who shall act astrustee of the funds, and hold and apply the fees for the purposes of thischapter subject to such regulation as this chapter and the resolution ortrust indenture may provide.

All moneys paid into the state treasury pursuant to the provisions of thischapter are hereby appropriated to the Department for the purpose of carryingout the provisions of this chapter. Disbursements and payments of moneys sopaid into the state treasury shall be made by the State Treasurer uponwarrants of the State Comptroller which he shall issue upon vouchers signedby the Director or his designee.

(Code 1950, § 10-109; 1986, c. 498; 1988, c. 891.)