§ 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.