Rhode Island General Laws 45-50-17. Trust funds
All moneys received pursuant to the provisions 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 as may be provided in the resolution authorizing the issuance of the bonds or the trust agreement securing the bonds. The authority shall, in the resolution authorizing the bonds or in the trust agreement securing the bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to a trustee, which is any trust company or bank having the powers of a trust company within or without the state, which acts as trustee of the funds and holds and applies the funds to the purposes of this chapter, subject to regulations that this chapter and the resolution or trust agreement may provide.
History of Section.
P.L. 1987, ch. 475, § 1.
Terms Used In Rhode Island General Laws 45-50-17
- authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
- bonds: means and includes the notes, bonds, and other evidences of indebtedness or obligations which the authority is authorized to issue pursuant to this chapter. See Rhode Island General Laws 45-50-9
- state: means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality thereof. See Rhode Island General Laws 45-50-9
- Trustee: A person or institution holding and administering property in trust.