§ 62.1-143. Proceeds of bonds and revenues held in trust for certain purposes.
All moneys received pursuant to the provisions of this chapter, whether asproceeds from the sale of revenue bonds or refunding bonds or as revenues,shall be deemed to be trust funds to be held and applied solely as providedin this chapter. The Authority shall, in the resolution authorizing suchbonds or in the trust agreement securing such bonds, provide for the paymentof the proceeds of the sale of the bonds and the revenues to be received to atrustee, which shall be any trust company or bank having the powers of atrust company within or without the Commonwealth, who shall act as trustee ofthe funds, and hold and apply the same to the purposes of this chapter,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of the proceeds of the sale of revenuebonds or revenues, the trustee may invest and reinvest such funds pendingtheir need for the construction of the project in securities that are legalinvestments under the laws of the Commonwealth for funds held by fiduciaries.In the case of the proceeds of the sale of refunding bonds, the trustee mayinvest and reinvest such funds in direct obligations of, or obligations theprincipal of and the interest on which are guaranteed by, the United Statesof America. Such money and the interest, income and profits, if any, earnedon such investment, shall be available for the payment of all or any part ofthe principal, interest, and redemption premium, if any, of the bonds beingrefunded. The proceeds of the sale of refunding bonds shall be so investedand applied as to assure that the principal, interest, and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, and carried out, any balance of suchproceeds and interest, income and profits, if any, earned or realized on theinvestments thereof may be returned to the Authority for use by it in anylawful manner.
(Code 1950, § 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.)
§ 62.1-143. Proceeds of bonds and revenues held in trust for certain purposes.
All moneys received pursuant to the provisions of this chapter, whether asproceeds from the sale of revenue bonds or refunding bonds or as revenues,shall be deemed to be trust funds to be held and applied solely as providedin this chapter. The Authority shall, in the resolution authorizing suchbonds or in the trust agreement securing such bonds, provide for the paymentof the proceeds of the sale of the bonds and the revenues to be received to atrustee, which shall be any trust company or bank having the powers of atrust company within or without the Commonwealth, who shall act as trustee ofthe funds, and hold and apply the same to the purposes of this chapter,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of the proceeds of the sale of revenuebonds or revenues, the trustee may invest and reinvest such funds pendingtheir need for the construction of the project in securities that are legalinvestments under the laws of the Commonwealth for funds held by fiduciaries.In the case of the proceeds of the sale of refunding bonds, the trustee mayinvest and reinvest such funds in direct obligations of, or obligations theprincipal of and the interest on which are guaranteed by, the United Statesof America. Such money and the interest, income and profits, if any, earnedon such investment, shall be available for the payment of all or any part ofthe principal, interest, and redemption premium, if any, of the bonds beingrefunded. The proceeds of the sale of refunding bonds shall be so investedand applied as to assure that the principal, interest, and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, and carried out, any balance of suchproceeds and interest, income and profits, if any, earned or realized on theinvestments thereof may be returned to the Authority for use by it in anylawful manner.
(Code 1950, § 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.)
§ 62.1-143. Proceeds of bonds and revenues held in trust for certain purposes.
All moneys received pursuant to the provisions of this chapter, whether asproceeds from the sale of revenue bonds or refunding bonds or as revenues,shall be deemed to be trust funds to be held and applied solely as providedin this chapter. The Authority shall, in the resolution authorizing suchbonds or in the trust agreement securing such bonds, provide for the paymentof the proceeds of the sale of the bonds and the revenues to be received to atrustee, which shall be any trust company or bank having the powers of atrust company within or without the Commonwealth, who shall act as trustee ofthe funds, and hold and apply the same to the purposes of this chapter,subject to such regulations as this chapter and such resolution or trustagreement may provide. In the case of the proceeds of the sale of revenuebonds or revenues, the trustee may invest and reinvest such funds pendingtheir need for the construction of the project in securities that are legalinvestments under the laws of the Commonwealth for funds held by fiduciaries.In the case of the proceeds of the sale of refunding bonds, the trustee mayinvest and reinvest such funds in direct obligations of, or obligations theprincipal of and the interest on which are guaranteed by, the United Statesof America. Such money and the interest, income and profits, if any, earnedon such investment, shall be available for the payment of all or any part ofthe principal, interest, and redemption premium, if any, of the bonds beingrefunded. The proceeds of the sale of refunding bonds shall be so investedand applied as to assure that the principal, interest, and redemptionpremium, if any, on the bonds being refunded shall be paid in full on theirrespective maturity, redemption or interest payment dates. After the terms ofthe trust have been fully satisfied, and carried out, any balance of suchproceeds and interest, income and profits, if any, earned or realized on theinvestments thereof may be returned to the Authority for use by it in anylawful manner.
(Code 1950, § 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.)
