Rhode Island General Laws 42-116-20. Trust fund
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All moneys and other property of any nature or description received by the corporation pursuant to the provisions of this chapter, whether as proceeds from the issuance of bonds or as revenues or otherwise, and all income of any nature or description derived directly or indirectly therefrom, are deemed to be trust funds to be held and applied solely as provided in this chapter.
History of Section.
P.L. 1991, ch. 3, § 4.
Terms Used In Rhode Island General Laws 42-116-20
- Bonds: means the bonds, notes, or other evidences of indebtedness of the corporation. See Rhode Island General Laws 42-116-3
- Revenues: means when used with reference to the corporation, any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including without limitation loan repayments, grants, aid, appropriations and other assistance from the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-116-3