§ 45-54-13 - Trust funds.
SECTION 45-54-13
§ 45-54-13 Trust funds. – All moneys received pursuant to the provisions of this chapter, whether asproceeds from the sale of bonds or as revenues, are deemed to be trust funds,to be held and applied as may be provided in the resolution authorizing theissuance of the bonds or the trust agreement securing the bonds. Thecorporation shall, in the resolution authorizing the bonds or in the trustagreement securing the bonds, provide for the payment of the proceeds of thesale of the bonds and the revenues to be received to a trustee, which is anytrust company or bank having the powers of a trust company within or withoutthe state, which acts as trustee of the bonds, and holds and applies the fundsto the purposes of this chapter, subject to regulations that this chapter andthe resolution or trust agreement may provide.