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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>355128</law_id><section_number>23.1-1232</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="62" identifier="23.1">Institutions of Higher Education; Other Educational and Cultural Institutions</unit><unit label="subtitle" level="2" order_by="3" identifier="III">Management and Financing</unit><unit label="chapter" level="3" order_by="3" identifier="12">Virginia College Building Authority</unit><unit label="article" level="4" order_by="2" identifier="2">Nonprofit Private Institutions of Higher Education; Projects</unit></structure><text>
						<section><p>All moneys that the <span class="dictionary">Authority</span> receives pursuant to this article, whether as proceeds from the sale of <span class="dictionary"><span class="dictionary">bonds</span></span> or as revenues, are trust funds to be held and applied solely as provided in this article. 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 of this article, the resolution authorizing the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span>, or the trust agreement securing such <span class="dictionary"><span class="dictionary">bonds</span></span>.</p></section></text><history>1972, c. 686, &#xA7; 23-30.51; 2016, c. 588.</history><metadata></metadata></law>
