15.2-5417 - Moneys received deemed trust funds. - Virginia Statutes

§ 15.2-5417. Moneys received deemed trust funds.

Notwithstanding any other provisions of law to the contrary, all moneysreceived pursuant to the authority of this chapter, whether as proceeds fromthe sale of bonds or as revenues, shall be deemed to be trust funds to beheld and applied solely as provided in this chapter. The resolutionauthorizing the issuance of bonds or the trust agreement securing such bondsmay provide that any of such moneys may be temporarily invested andreinvested, pending the disbursement thereof, in such securities and otherinvestments as shall be provided in such resolution or trust agreement, andshall provide that any officer with whom, or any bank or trust company withwhich, such moneys are deposited shall act as trustee of such moneys andshall hold and apply the same for the purposes hereof, subject to suchregulations as this chapter and the resolution or trust agreement may provide.

(1979, c. 416, § 15.1-1620; 1997, c. 587.)