15.2-5359 - Moneys received deemed trust funds. - Virginia Statutes

§ 15.2-5359. Moneys received deemed trust funds.

All moneys received pursuant to the provisions 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. Any officerwith whom, or any bank or trust company with which, such moneys are depositedshall act as trustee of such moneys and shall hold and apply the same for thepurposes hereof, subject to the provisions of this chapter and the resolutionauthorizing the issuance of such bonds or the trust indenture securing thesame.

(Code 1950, § 32-271.3; 1973, c. 462, § 15.1-1594; 1979, c. 719; 1997, c.587.)