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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>348776</law_id><section_number>15.2-5417</section_number><catch_line>Moneys received deemed trust funds</catch_line><edition url="https://vacode.org/2026/" slug="2026" current="TRUE" last_updated="2026-08-02">2026</edition><structure><unit label="title" level="1" order_by="46" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="4" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="13" identifier="54">Electric Authorities Act</unit></structure><text>
						<section><p>Notwithstanding any other provisions of <span class="dictionary">law</span> to the contrary, all moneys received pursuant to the <span class="dictionary">authority</span> of this chapter, whether as proceeds from the sale of <span class="dictionary"><span class="dictionary">bonds</span></span> or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of <span class="dictionary"><span class="dictionary">bonds</span></span> or the trust agreement securing such <span class="dictionary"><span class="dictionary">bonds</span></span> may provide that any of such moneys may be temporarily invested and reinvested, pending the disbursement thereof, in such securities and other investments as shall be provided in such resolution or trust agreement, and shall provide that any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and the resolution or trust agreement may provide.</p></section></text><history>1979, c. 416, &#xA7; 15.1-1620; 1997, c. 587.</history><metadata></metadata></law>
