Code of Virginia § 53.1-95.13. Revenues and proceeds from sale of bonds.
204 words·~1 min read·
/va/title-53-1/chapter-3/53-1-95-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
1990, c. 837.