§ 35-12-10. Trust funds.
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of 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 notes are authorized. Any officer with whom, or any bank or trust company with which, these money shall be deposited as trustee thereof shall hold and apply the money for the purposes thereof, subject to the applicable provisions of this chapter, the proceedings authorizing the notes, and the trust agreement securing the notes, if any.
History of Section.P.L. 1982, ch. 324, § 1.
Structure Rhode Island General Laws
Chapter 35-12 - University of Rhode Island Research Corporation
Section 35-12-1. - Short title.
Section 35-12-2. - Purpose and findings.
Section 35-12-3. - Definitions.
Section 35-12-4. - Creation — Powers — Construction of chapter — Termination.
Section 35-12-5. - General powers.
Section 35-12-6. - Additional powers.
Section 35-12-7. - Directors and officers.
Section 35-12-8. - Notes of the corporation.
Section 35-12-9. - Security for notes.
Section 35-12-10. - Trust funds.
Section 35-12-11. - Exemption from taxation.
Section 35-12-12. - Notes as legal investments.
Section 35-12-13. - Agreement of the state.
Section 35-12-14. - Credit of the state.
Section 35-12-15. - Sale of accounts.
Section 35-12-16. - Annual report and audit.
Section 35-12-17. - Chapter controlling over inconsistent provisions.
Section 35-12-18. - Construction with other statutes.