§45-38.1-12  Trust Funds. –


Published: 2015

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TITLE 45

Towns and cities

CHAPTER 45-38.1

Health And Educational Building Corporation

SECTION 45-38.1-12



   § 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

may provide.



History of Section.

(P.L. 1967, ch. 56, § 1.)