§ 42-99-11. 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, shall be 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 shall be deposited as trustee thereof, shall hold and apply the moneys for the purposes thereof, subject to any provisions as this chapter and the proceedings authorizing the bonds or notes of any issue or the trust agreement securing the bonds or notes may provide.
History of Section.
P.L. 1987, ch. 455, § 11.