§ 45-37.1-8. Trust funds.
All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, are deemed to 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, the moneys are deposited as trustee thereof, shall hold and apply the moneys for the purposes thereof, subject to provisions as this chapter and the proceedings authorizing the bonds or notes of any issue or the trust agreement securing those bonds or notes may provide.
History of Section.P.L. 1967, ch. 11, § 1; P.L. 1980, ch. 229, § 5.
Structure Rhode Island General Laws
Chapter 45-37.1 - Industrial Facilities Corporation
Section 45-37.1-1. - Declaration of policy.
Section 45-37.1-2. - Title of chapter.
Section 45-37.1-3. - Definitions.
Section 45-37.1-5. - General grant of powers.
Section 45-37.1-6. - Bonds and notes of the corporation.
Section 45-37.1-7. - Security for bonds and notes — Construction and acquisition of projects.
Section 45-37.1-8. - Trust funds.
Section 45-37.1-9. - Exemption from taxation.
Section 45-37.1-9.1. - Procedure.
Section 45-37.1-10. - Bonds and notes eligible for investment.
Section 45-37.1-11. - Annual report and audit.
Section 45-37.1-12. - State not liable — Exceptions.
Section 45-37.1-13. - Procedure before undertaking project.
Section 45-37.1-14. - No authority to operate as a business.
Section 45-37.1-15. - Agreement of the state.
Section 45-37.1-16. - Corporation designated as local development corporation.
Section 45-37.1-17. - Chapter cumulative — No notice required.