Rhode Island General Laws 42-133-9. Trust funds
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All money received pursuant to the authority of this chapter, whether as provided from the sale of bonds or state‘s tobacco receipts purchased by the corporation, or investment income, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds of the corporation are authorized. Any officer with whom, or any bank or trust company with which monies shall be deposited as trustee, shall hold and apply the trust funds for the purposes for which the bonds are authorized, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds, and the trust agreement securing the bonds, if any.
History of Section.
P.L. 2002, ch. 65, art. 8, § 1.
Terms Used In Rhode Island General Laws 42-133-9
- Bonds: means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness of the corporation, all of which shall be in all events payable solely from and secured solely by such portion of the state's tobacco receipts as are sold to the corporation and pledged to secure the bonds, and issued pursuant to the authorizations contained in this chapter, all of which shall be issued under the name of or known as obligations of the corporation. See Rhode Island General Laws 42-133-3
- 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.
- Corporation: means the corporation authorized, created, and established pursuant to this chapter. See Rhode Island General Laws 42-133-3
- State: means the state of Rhode Island. See Rhode Island General Laws 42-133-3
- Trustee: A person or institution holding and administering property in trust.