2.2-2267 - Moneys received deemed trust funds.
§ 2.2-2267. Moneys received deemed trust funds.
All moneys received pursuant to the authority of this article, whether asproceeds from the sale of bonds or as revenues, shall be deemed to be trustfunds to be held and applied solely as provided in this article. Theresolution authorizing the bonds of any issue or the trust agreement securingthe bonds shall provide that any officer with whom, or any bank or trustcompany with which, such moneys are deposited shall act as a trustee of themoneys and shall hold and apply the same for the purposes hereof, subject tothe regulations as this article and the resolution or trust agreement mayprovide.
(1981, c. 569, § 2.1-234.17; 2001, c. 844.)