Rhode Island General Laws 16-62-11. Trust funds
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All money 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 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, any money shall be deposited as trustee of it shall hold and apply the money for its purposes, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds or notes, and the trust agreement securing those bonds or notes, if any.
History of Section.
P.L. 1981, ch. 44, § 1.
Terms Used In Rhode Island General Laws 16-62-11
- Authority: means the governmental agency and public instrumentality authorized, created, and established pursuant to § 16-62-4. See Rhode Island General Laws 16-62-3
- notes: means the bonds, notes, securities, or other obligations or evidences of indebtedness issued by the authority pursuant to this chapter, all of which shall be issued under the name of or known as obligations of the Rhode Island student loan authority. See Rhode Island General Laws 16-62-3
- Trustee: A person or institution holding and administering property in trust.