Towns and cities
Health And Educational Building Corporation
§ 45-38.1-12 Trust funds.
All moneys received pursuant to the authority of this chapter, whether as
proceeds from the sale of bonds or as revenues, are deemed to be trust funds to
be held and applied solely as provided in this chapter. Any officer with whom,
or any bank or trust company with which, the moneys are deposited, shall act as
trustee of the moneys and shall hold and apply the moneys for the purposes of
this chapter, subject to regulations as this chapter and the resolution
authorizing the bonds of any issue or the trust agreement securing the bonds
History of Section.
(P.L. 1967, ch. 56, § 1.)