33.1-305 - Trust funds. - Virginia Statutes

§ 33.1-305. 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. The Boardshall, in the resolution authorizing the bonds of any issue or in the trustagreement securing such bonds, provide for the payment of the proceeds of thesale of the bonds and the revenues to be received into the state treasury andcarried on the books of the Comptroller in a special account and may providefor the turning over, transfer or paying over such funds from the statetreasury to any officer, agency, bank or trust company, who shall act astrustee of funds, and hold and apply the same to the purposes hereof, subjectto such regulations as this article and such resolution or trust agreementmay provide.

All moneys paid into the state treasury pursuant to the provisions of thisarticle are hereby appropriated to the Board for the purpose of carrying outthe provisions of this article; disbursements and payments of money so paidinto the state treasury shall be made by the State Treasurer upon warrants ofthe State Comptroller which he shall issue upon vouchers signed by suchperson or persons as shall be designated by the Board for such purpose.

(Code 1950, § 33-255.10; 1952, c. 223; 1970, c. 322.)