Rhode Island § 45-38.1-12 § 45-38.1-12. Trust funds.

Rhode Island Statutes

§ 45-38.1-12 — § 45-38.1-12. Trust funds.

Rhode Island § 45-38.1-12

Title 45Towns and cities

Ch. 45-38.1Health and Educational Building Corporation

This text of Rhode Island § 45-38.1-12 (§ 45-38.1-12. Trust funds.) 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 § 45-38.1-12 (2026).

Text

§ 45-38.1-12. Trust funds.
All moneys received pursuant to the authority of this chapter, whether as proceeds
            from the sale of bonds or as revenues, are deemed to be trust funds to be held and
            applied solely as provided in this chapter. Any officer with whom, or any bank or
            trust company with which, the moneys are deposited, shall act as trustee of the moneys
            and shall hold and apply the moneys for the purposes of this chapter, subject to regulations
            as this chapter and the resolution authorizing the bonds of any issue or the trust
            agreement securing the bonds may provide.
         

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§ 45-38.1-12. Trust funds.

All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, are deemed to be trust funds to be held and applied solely as provided in this chapter. Any officer with whom, or any bank or trust company with which, the moneys are deposited, shall act as trustee of the moneys and shall hold and apply the moneys for the purposes of this chapter, subject to regulations as this chapter and the resolution authorizing the bonds of any issue or the trust agreement securing the bonds may provide.