Rhode Island General Laws 35-12-10. Trust funds
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All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of 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 notes are authorized. Any officer with whom, or any bank or trust company with which, these money shall be deposited as trustee thereof shall hold and apply the money for the purposes thereof, subject to the applicable provisions of this chapter, the proceedings authorizing the notes, and the trust agreement securing the notes, if any.
History of Section.
P.L. 1982, ch. 324, § 1.
Terms Used In Rhode Island General Laws 35-12-10
- Notes: means the notes, securities, or other obligations or evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be issued under the name of or known as obligations of the "university of Rhode Island research corporation". See Rhode Island General Laws 35-12-3
- Trustee: A person or institution holding and administering property in trust.