2.2-2224 - Moneys received deemed trust funds. - Virginia Statutes

§ 2.2-2224. Moneys received deemed trust funds.

All moneys received pursuant to the authority of this article, 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 article. 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 shall be deposited shall act as a trustee ofsuch moneys and shall hold and apply the same for the purposes hereof,subject to the regulations as this article and the resolution or trustagreement may provide.

(1984, c. 782, § 9-257; 2001, c. 844.)