§ 35-8.1-19. Trust funds.
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 as may be provided in the resolution authorizing the issuance of the bonds or the loan and trust agreement securing the bonds. The authority shall, in the resolution authorizing the bonds or in the loan and trust agreement securing the bonds, provide for the payment of proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the state, which shall act as trustee of the funds, and which shall hold and apply the funds to the purposes of this chapter, subject to such regulations as this chapter and the resolution or loan and trust agreement may provide.
History of Section.P.L. 1987, ch. 12, § 1.
Structure Rhode Island General Laws
Chapter 35-8.1 - Refunding Bond Authority
Section 35-8.1-1. - Short title.
Section 35-8.1-2. - Legislative findings.
Section 35-8.1-3. - Definitions.
Section 35-8.1-5. - Governing board — Members — Vacancies — Officers — Quorum — Affirmative votes.
Section 35-8.1-7. - Staff — Consultants — Rules.
Section 35-8.1-8. - General powers.
Section 35-8.1-8.3. - Eminent domain proceedings.
Section 35-8.1-8.4. - Eminent domain — Standards.
Section 35-8.1-8.5. - Use of projects.
Section 35-8.1-8.6. - Transfer to governmental body.
Section 35-8.1-9. - Supplementary powers.
Section 35-8.1-10. - Annual report, audit, and debt service needs certification.
Section 35-8.1-11. - Loan to state authorized — Repayment subject to appropriation.
Section 35-8.1-12. - Receipt, investment, and application by state of loan.
Section 35-8.1-13. - Bonds of the authority — Issuance — Purposes.
Section 35-8.1-14. - Negotiability of bonds.
Section 35-8.1-15. - Form of bonds.
Section 35-8.1-16. - Loan and trust agreement.
Section 35-8.1-17. - Bonds neither debt of or pledge of credit by state or subdivisions.
Section 35-8.1-18. - Revenues.
Section 35-8.1-19. - Trust funds.
Section 35-8.1-20. - Remedies.
Section 35-8.1-21. - Exemptions from taxation.
Section 35-8.1-22. - Bonds constitute legal investment.
Section 35-8.1-23. - State’s pledge not to limit or alter authority’s powers.
Section 35-8.1-24. - Personal liability on bonds.
Section 35-8.1-25. - Transfer of authority’s funds and property upon dissolution.
Section 35-8.1-26. - Chapter controlling over inconsistent provisions.
Section 35-8.1-27. - Applicability of other laws.