Code of Virginia - Title 33.1 Highways, Bridges And Ferries - Section 33.1-305 Trust funds

§ 33.1-305. Trust funds

All moneys received pursuant to the authority 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. The Board shall, in the resolution authorizing the bonds of any issue or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the 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 such funds from the state treasury to any officer, agency, bank or trust company, who shall act as trustee of funds, and hold and apply the same to the purposes hereof, subject to such regulations as this article and such resolution or trust agreement may provide.

All moneys paid into the state treasury pursuant to the provisions of this article are hereby appropriated to the Board for the purpose of carrying out the provisions of this article; disbursements and payments of money so paid into the state treasury shall be made by the State Treasurer upon warrants of the State Comptroller which he shall issue upon vouchers signed by such person or persons as shall be designated by the Board for such purpose.

(Code 1950, § 33-255.10; 1952, c. 223; 1970, c. 322.)

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Last modified: April 3, 2009