§ 42-133-9. Trust funds.
All money received pursuant to the authority of this chapter, whether as provided from the sale of bonds or state’s tobacco receipts purchased by the corporation, or investment income, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds of the corporation are authorized. Any officer with whom, or any bank or trust company with which monies shall be deposited as trustee, shall hold and apply the trust funds for the purposes for which the bonds are authorized, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds, and the trust agreement securing the bonds, if any.
History of Section.P.L. 2002, ch. 65, art. 8, § 1.
Structure Rhode Island General Laws
Title 42 - State Affairs and Government
Chapter 42-133 - Tobacco Settlement Financing Corporation Act
Section 42-133-1. - Short title.
Section 42-133-3. - Definitions.
Section 42-133-4. - Creation — Powers — Construction of chapter — Termination.
Section 42-133-5. - General powers.
Section 42-133-6. - Board and officers.
Section 42-133-7. - Sale of state’s tobacco receipts.
Section 42-133-9. - Trust funds.
Section 42-133-10. - Exemption from taxation.
Section 42-133-11. - Bankruptcy.
Section 42-133-11.1. - Stay of execution upon appeal.
Section 42-133-12. - Limited power to incur debt.
Section 42-133-13. - Bonds as legal investments.
Section 42-133-14. - Agreement by the state.
Section 42-133-15. - Credit of the state.
Section 42-133-16. - Annual report and audit.
Section 42-133-17. - Attorney general.
Section 42-133-18. - Chapter controlling over inconsistent provisions.