Rhode Island General Laws 42-64-19. Trust funds
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, and moneys held by the Rhode Island commerce corporation in the tire site remediation account established pursuant to § 23-63-4.1, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds or notes are authorized. Any officer with whom or any bank or trust company with which the moneys shall be deposited as trustee shall hold and apply the moneys for the purposes thereof, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds or notes and the trust agreement securing the bonds or notes, if any.
History of Section.
P.L. 1974, ch. 100, § 14; P.L. 1992, ch. 133, art. 85, § 3; P.L. 2013, ch. 243, § 3; P.L. 2013, ch. 490, § 3.
Terms Used In Rhode Island General Laws 42-64-19
- authority: means the governmental agency and public instrumentality, formerly known as the "Rhode Island port authority and economic development corporation" and/or also formerly known as the "Rhode Island economic development corporation" and now known as the Rhode Island commerce corporation authorized, created, and established pursuant to § 42-64-4, or any subsidiary corporation thereof which is established pursuant to Rhode Island General Laws 42-64-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- notes: means the bonds, notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of and known as obligations of the "Rhode Island commerce corporation. See Rhode Island General Laws 42-64-3
- Revenues: means : (i) with respect to any project, the rents, fees, tolls, charges, installment payments, repayments, and other income or profit derived from a project or a combination of projects pursuant to any lease, conditional sales contract, installment sales contract, loan agreement, or other contract or agreement, or any combination thereof, and (ii) any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including, without limitation, loan repayments, grants, aid, appropriations and other assistance for the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-64-3
- Trustee: A person or institution holding and administering property in trust.