Virginia Code 15.2-5359: Moneys received deemed trust funds.
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All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be 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, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to the provisions of this chapter and the resolution authorizing the issuance of such bonds or the trust indenture securing the same.
Terms Used In Virginia Code 15.2-5359
- Bonds: means any bonds, interim certificates, notes, debentures, or other obligations of the authority issued pursuant to this chapter. See Virginia Code 15.2-5301
- Trust indenture: includes instruments pledging the revenues of real or personal properties but not conveying such properties or conferring a right to foreclose and cause a sale thereof. See Virginia Code 15.2-5301
- Trustee: A person or institution holding and administering property in trust.
Code 1950, § 32-271.3; 1973, c. 462, § 15.1-1594; 1979, c. 719; 1997, c. 587.