                                 CODE OF VIRGINIA

REVENUES AND PROCEEDS FROM SALE OF BONDS (§ 53.1-95.13)

All moneys received pursuant to the provisions 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. An authority
created pursuant to this article may provide for the payment of its revenues to
such officer, board, or depository as it may designate for the custody thereof,
and for the method of disbursement thereof, with such safeguards and
restrictions as it may determine. The authority shall, in the resolution
authorizing the bonds or in the trust agreement securing such bonds, provide for
the payment of the proceeds of the sale of the bonds to a trustee, which shall
be any trust company or bank having the powers of a trust company within or
without the Commonwealth, which shall act as trustee of the funds, and hold and
apply the same to the purposes of this article, subject to such regulations as
this article and such resolution or trust agreement may provide. The trustee may
invest and reinvest such funds in such securities as may be provided in the
resolution authorizing the bonds or in the trust agreement securing such bonds.

HISTORY: 1990, c. 837.