§ 45-37.1-8 - Trust funds.
SECTION 45-37.1-8
§ 45-37.1-8 Trust funds. – All moneys received pursuant to the authority of this chapter, whether asproceeds from the sale of bonds or notes or as revenues, receipts, or income,are deemed to be trust funds to be held and applied solely as provided in theproceedings under which the bonds or notes are authorized. Any officer withwhom, or any bank or trust company with which, the moneys are deposited astrustee thereof, shall hold and apply the moneys for the purposes thereof,subject to provisions as this chapter and the proceedings authorizing the bondsor notes of any issue or the trust agreement securing those bonds or notes mayprovide.