15.2-5431.28 - Trust funds. - Virginia Statutes

§ 15.2-5431.28. Trust funds.

All moneys received pursuant to this chapter shall be deemed to be trustfunds, to be held and applied solely as provided in this chapter. Theresolution or trust agreement providing for the issuance of revenue bonds ofthe authority shall provide that any officer to whom, or any bank, trustcompany or other fiscal agent to which, such moneys are paid shall act astrustee of such moneys and shall hold and apply the same for the purposesprovided in this chapter, subject to such regulations as such resolution ortrust agreement may provide.

(2003, c. 643.)