                                 CODE OF VIRGINIA

MONEYS RECEIVED DEEMED TRUST FUNDS (§ 15.2-5417)

Notwithstanding any other provisions of law to the contrary, all moneys received
pursuant to the authority 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 resolution authorizing the issuance of
bonds or the trust agreement securing such bonds may provide that any of such
moneys may be temporarily invested and reinvested, pending the disbursement
thereof, in such securities and other investments as shall be provided in such
resolution or trust agreement, and shall provide that any officer with whom, or
any bank or trust company with which, such moneys are deposited shall act as
trustee of such moneys and shall hold and apply the same for the purposes
hereof, subject to such regulations as this chapter and the resolution or trust
agreement may provide.

HISTORY: 1979, c. 416, § 15.1-1620; 1997, c. 587.