5.1-169 - Trust funds. - Virginia Statutes

§ 5.1-169. Trust funds.

All proceeds from the sale of bonds and revenues derived therefrom receivedpursuant to the provisions of this act shall be deemed to be trust funds tobe held and applied solely as provided in this act. The Authority may, in theresolution authorizing the bonds or in the trust agreement securing suchbonds, provide for the payment of the proceeds of the sale of the bonds andthe revenues of the Authority to a trustee, which may be any trust company orbank having the powers of a trust company within or without the Commonwealthof Virginia, which shall act as trustee of the funds, and hold and apply thesame to the purposes of this act, subject to such regulations as this act andsuch resolution or trust agreement may provide. The trustee may invest andreinvest such funds in such securities as may be provided in the resolutionauthorizing the bonds or in the trust agreement securing such bonds.

(2001, c. 342.)