Vermont § 3855 - Trust funds

§ 3855. Trust funds

• (a) All monies received under the authority of this chapter, whether as proceeds from
  the sale of bonds or notes or as revenues, shall be deemed to be trust funds to be
  held and applied solely as provided in this chapter. Any officer with whom, or any
  bank or trust company with which, those monies are deposited shall act as trustee
  of them and shall hold and apply them for the purposes hereof, subject to such regulations
  as this chapter and the resolution authorizing the bonds or notes of any issue or
  the trust indenture securing the bonds may provide. (b) All monies of the Agency derived from State, local, or federal appropriations or the
  sale of bonds or notes, and all monies constituting reserve funds, shall be paid to
  the treasurer of the Agency or to the trustee under the trust indenture securing the
  bonds or designated in the resolution authorizing the bonds, and all such monies shall
  be held, administered, secured, and applied as provided in such resolution or trust
  indenture. All deposits of the monies shall, if required by such resolution or trust
  indenture, be secured by obligations of the United States of America or of the State
  of Vermont of the market value equal at all times to the amount of the deposit, and
  all banks and trust companies are authorized to give such security for the deposits. (c) The Auditor of Accounts of the State of Vermont and his or her legally authorized
  representatives may at any time examine the accounts and books of the Agency, including
  its receipts, disbursements, contracts, sinking funds, investments, and any other
  matters relating to its financial standing. (Added 1966, No 56 (Sp. Sess.), § 6, eff. March 12, 1966; amended 1969, No. 224 (Adj. Sess.), § 4, eff. March 31, 1970.)