53.1-95.13 - Revenues and proceeds from sale of bonds. - Virginia Statutes

§ 53.1-95.13. Revenues and proceeds from sale of bonds.

All moneys received pursuant to the provisions 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. An authoritycreated pursuant to this article may provide for the payment of its revenuesto such officer, board, or depository as it may designate for the custodythereof, and for the method of disbursement thereof, with such safeguards andrestrictions as it may determine. The authority shall, in the resolutionauthorizing the bonds or in the trust agreement securing such bonds, providefor the payment of the proceeds of the sale of the bonds to a trustee, whichshall be any trust company or bank having the powers of a trust companywithin or without the Commonwealth, which shall act as trustee of the funds,and hold and apply the same to the purposes of this article, subject to suchregulations as this article and such resolution or trust agreement mayprovide. The trustee may invest and reinvest such funds in such securitiesas may be provided in the resolution authorizing the bonds or in the trustagreement securing such bonds.

(1990, c. 837.)