Code of Virginia § 33.2-1716. All moneys to be trust funds.

217 words·~1 min read·/va/title-33-2/chapter-17/33-2-1716

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of revenue bonds, as grants or other contributions, or as tolls and revenues, shall be held and applied solely as provided in this chapter. The Board shall, in the resolution authorizing the issuance of bonds or in the trust indenture, provide for the payment of the proceeds of the sale of the bonds and the tolls and revenues to be received into the state treasury and carried on the books of the Comptroller in a special account and may provide for the turning over, transfer, or paying over of such funds from the state treasury to any officer, agency, bank, or trust company who shall act as trustee of such funds and hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust indenture may provide.

Disbursements and payments of moneys so paid into the state treasury shall be made by the State Treasurer upon warrants of the State Comptroller that he shall issue upon vouchers signed by such person or persons as shall be designated by the Board for such purpose.

Code 1950, § 33-243; 1970, c. 322, § 33.1-283; 1988, cc. 844, 903; 2014, c. 805 .