All money received pursuant to the authority of this chapter, whether as provided from the sale of bonds or state’s tobacco receipts purchased by the corporation, or investment income, shall be trust funds to be held and applied solely as provided in the proceedings under which the bonds of the corporation are authorized. Any officer with whom, or any bank or trust company with which monies shall be deposited as trustee, shall hold and apply the trust funds for the purposes for which the bonds are authorized, subject to the applicable provisions of this chapter, the proceedings authorizing the bonds, and the trust agreement securing the bonds, if any. History of Section.P.L. 2002, ch. 65, art. 8, § 1.
Rhode Island Legal Code