Public Utilities and Carriers

Rhode Island Public Transit Authority

SECTION 39-18-10

§ 39-18-10. 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 solely as provided in this chapter. The authority may, 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 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 bonds, and hold and apply the bonds to the purposes of this chapter, subject to this chapter and to regulations as the resolution or trust agreement may provide or may provide for the funds to be held in a separate account of the authority maintained at any bank within or without the state to be disbursed therefrom on the instructions of such officer or officers of the authority as may be so authorized and empowered by resolution of the authority.

History of Section.
(P.L. 1964, ch. 210, § 1; P.L. 1983, ch. 157, § 1.)