Vermont Statutes Title 16. Education, § 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.