§ 16-62-11. Trust funds.
All money received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds or notes are authorized. Any officer with whom, or any bank or trust company with which, any money shall be deposited as trustee of it shall hold and apply the money for its purposes, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds or notes, and the trust agreement securing those bonds or notes, if any.
History of Section.P.L. 1981, ch. 44, § 1.
Structure Rhode Island General Laws
Chapter 16-62 - The Rhode Island Student Loan Authority
Section 16-62-1. - Short title.
Section 16-62-3. - Definitions.
Section 16-62-5. - General powers.
Section 16-62-6. - Additional general powers.
Section 16-62-7. - Directors, officers, and employees.
Section 16-62-8. - Loans to minors.
Section 16-62-9. - Bonds and notes of the authority.
Section 16-62-10. - Security for bonds and notes.
Section 16-62-11. - Trust funds.
Section 16-62-12. - Exemption from taxation.
Section 16-62-13. - Notes and bonds as legal investments.
Section 16-62-14. - Bondholders’ rights not to be affected by state.
Section 16-62-15. - Credit of state.
Section 16-62-16. - Authorization to accept appropriated money.
Section 16-62-17. - Assistance by state officers, departments, boards, and commissions.
Section 16-62-18. - Annual report.
Section 16-62-19. - Inconsistent provisions.