Virginia § 2.2-2267 Moneys received deemed trust funds

Virginia Statutes

§ 2.2-2267 — Moneys received deemed trust funds

Virginia § 2.2-2267

JurisdictionVirginia

Title 2.2ADMINISTRATION OF GOVERNMENT

Subtitle IORGANIZATION OF STATE GOVERNMENT

Ch. 22AUTHORITIES

Art. 6VIRGINIA PUBLIC BUILDING AUTHORITY

Part DSTATE AUTHORITIES, BOARDS, COMMISSIONS, COUNCILS, FOUNDATIONS AND OTHER COLLEGIAL BODIES

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Bluebook

Va. Code Ann. § 2.2-2267 (2026).

Text

All moneys received pursuant to the authority of this article, 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 article. The resolution authorizing the bonds of any issue or the trust agreement securing the bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as a trustee of the moneys and shall hold and apply the same for the purposes hereof, subject to the regulations as this article and the resolution or trust agreement may provide.

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All moneys received pursuant to the authority of this article, 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 article. The resolution authorizing the bonds of any issue or the trust agreement securing the bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as a trustee of the moneys and shall hold and apply the same for the purposes hereof, subject to the regulations as this article and the resolution or trust agreement may provide.