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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 10 : Conservation and Development

Chapter 012 : VERMONT ECONOMIC DEVELOPMENT AUTHORITY

Subchapter 004 : ECONOMIC DEVELOPMENT REVENUE BONDS

(Cite as: 10 V.S.A. § 248)
  • § 248. Trustees and trust funds

    A state or national chartered bank, Vermont bank, or Vermont trust company may serve as trustee for the benefit of bondholders under a security document; and the trustee may at any time own all or any part of the bonds issued under that security document, unless otherwise provided therein. All monies received or held by a municipality or by a trustee pursuant to a financing or security document, other than funds received or held by the municipality for its own use, shall be deemed to be trust funds and shall be held and applied solely in accordance with the applicable document, but the person paying the money to the municipality or the trustee shall not be in any way bound to see to its proper application. (Added 1973, No. 197 (Adj. Sess.), § 1; amended 1975, No. 18, § 14, eff. March 27, 1975.)