All moneys received pursuant to the authority 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. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as a trustee of such moneys and shall hold and apply the moneys for the purposes hereof, subject to such regulations as this chapter and the resolution or trust agreement may provide.
1986, c. 360, § 10-158.8; 1988, c. 891.
Structure Code of Virginia
Chapter 16 - Virginia Recreational Facilities Authority Act
§ 10.1-1601. Authority created
§ 10.1-1602. Board of directors
§ 10.1-1603. Powers of Authority
§ 10.1-1604. Form, terms, and execution of bonds
§ 10.1-1605. Issuance and sale of bonds
§ 10.1-1606. Use of bond proceeds
§ 10.1-1607. Interim receipts or temporary bonds
§ 10.1-1608. Faith and credit of Commonwealth or political subdivision not pledged
§ 10.1-1609. Expenses of the Authority
§ 10.1-1610. Trust agreement securing bonds
§ 10.1-1611. Moneys received deemed trust funds
§ 10.1-1612. Proceedings by bondholder or trustee to enforce rights
§ 10.1-1613. Bonds made securities for investment and deposit
§ 10.1-1614. Revenue refunding bonds; bonds for refunding and for cost of additional projects
§ 10.1-1615. Grants or loans of public or private funds
§ 10.1-1616. Exemption from taxes or assessments
§ 10.1-1617. Moneys of Authority
§ 10.1-1618. Title to property
§ 10.1-1619. Violation of regulations
§ 10.1-1620. Appointment of special conservators of the peace
§ 10.1-1621. Conveyance or lease of park to Authority
§ 10.1-1622. Recordation of conveyances of real estate to Authority