§ 24-12-29 Trust funds – Trustee.
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All money received pursuant to the provisions of this chapter, whether as
proceeds from the sale of bonds or as revenues, shall be deemed to be trust
funds to be held and applied solely as provided in this chapter. The authority
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 shall be any trust
company or bank having the powers of a trust company within or without the
state, who shall act as trustee of the funds, and hold and apply the bonds to
the purposes of this chapter, subject to the regulations as this chapter and
the resolution or trust agreement may provide.
(P.L. 1954, ch. 3390, § 10; G.L. 1956, § 24-12-29.)