§ 45-54-13. Trust funds.
All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, are 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 trust agreement securing the bonds. The corporation shall, in the resolution authorizing the bonds or in the trust agreement securing the bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to a trustee, which is any trust company or bank having the powers of a trust company within or without the state, which acts as trustee of the bonds, and holds and applies the funds to the purposes of this chapter, subject to regulations that this chapter and the resolution or trust agreement may provide.
History of Section.P.L. 1991, ch. 421, § 1.
Structure Rhode Island General Laws
Chapter 45-54 - Municipal Detention Facility Corporations
Section 45-54-1. - Corporations created.
Section 45-54-2. - Legislative findings.
Section 45-54-3. - Definitions.
Section 45-54-4. - Resolution conclusive as to capacity of corporation.
Section 45-54-5. - Board of directors — Tenure — Quorums.
Section 45-54-7. - Exemption from taxation.
Section 45-54-9. - Eminent domain proceedings.
Section 45-54-10. - Revenue bonds.
Section 45-54-11. - Trust agreement.
Section 45-54-13. - Trust funds.
Section 45-54-15. - Negotiable instruments.
Section 45-54-16. - Refunding bonds.
Section 45-54-17. - Credit of state and political subdivisions not pledged.
Section 45-54-18. - Use of projects.
Section 45-54-19. - Capital reserves.
Section 45-54-20. - Bonds eligible for investment.
Section 45-54-21. - Limitation of powers.
Section 45-54-22. - Annual report and audit.
Section 45-54-23. - Transfers to governmental body.
Section 45-54-24. - Applicability of other laws.
Section 45-54-25. - Liberal construction.
Section 45-54-26. - Inconsistent provisions.