Rhode Island § 24-12-29 § 24-12-29. Trust funds — Trustee.

Rhode Island Statutes

§ 24-12-29 — § 24-12-29. Trust funds — Trustee.

Rhode Island § 24-12-29

Title 24Highways

Ch. 24-12Rhode Island Turnpike and Bridge Authority

This text of Rhode Island § 24-12-29 (§ 24-12-29. Trust funds — Trustee.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 24-12-29 (2026).

Text

§ 24-12-29. Trust funds — Trustee.
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

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§ 24-12-29. Trust funds — Trustee.

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.