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The Vermont Statutes Online



Title

10

:
Conservation and Development






Chapter

012

:
VERMONT ECONOMIC DEVELOPMENT AUTHORITY






Subchapter

004
:
ECONOMIC DEVELOPMENT REVENUE BONDS










 

§

248. Trustees and trust funds

A state or

national chartered bank, Vermont bank or Vermont trust company may serve as

trustee for the benefit of bondholders under a security document; and the

trustee may at any time own all or any part of the bonds issued under that

security document, unless otherwise provided therein. All monies received or

held by a municipality or by a trustee pursuant to a financing or security

document, other than funds received or held by the municipality for its own

use, shall be deemed to be trust funds and shall be held and applied solely in

accordance with the applicable document, but the person paying the money to the

municipality or the trustee shall not be in any way bound to see to its proper

application. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, §

14, eff. March 27, 1975.)