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.
R.I. Gen. Laws § 45-38.1-12
Trust funds
Known as the Rhode Island Health and Educational Building Corporation Act
The act spans §§ 45-38.1-1 to 45-38.1-9 (30 sections).
P.L. 1967, ch. 56, § 1.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.