33.1-283 - All moneys to be trust funds. - Virginia Statutes

§ 33.1-283. All moneys to be trust funds.

All moneys received pursuant to the authority of this article, 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 thisarticle. The Board shall, in the resolution authorizing the issuance of bondsor in the trust indenture, provide for the payment of the proceeds of thesale of the bonds and the tolls and revenues to be received into the statetreasury and carried on the books of the Comptroller in a special account andmay provide for the turning over, transfer or paying over of such funds fromthe state treasury to any officer, agency, bank or trust company, who shallact as trustee of such funds, and hold and apply the same to the purposeshereof, subject to such regulations as this article and such resolution ortrust indenture may provide.

Disbursements and payments of moneys so paid into the state treasury shall bemade by the State Treasurer upon warrants of the State Comptroller which heshall issue upon vouchers signed by such person or persons as shall bedesignated by the Board for such purpose.

(Code 1950, § 33-243; 1970, c. 322; 1988, cc. 844, 903.)