Code of Virginia § 2.2-2322. Deposit of money; expenditures; security for deposits.

197 words·~1 min read·/va/title-2-2/chapter-22/2-2-2322

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. All money of the Authority, except as otherwise authorized by law or this article, shall be deposited in accounts in banks or trust companies organized under the laws of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director or any other officer or employee designated by the Authority.

All deposits of money shall, if required by the Authority, be secured in a manner determined by the Authority to be prudent, and all banks, trust companies and savings institutions are authorized to give security for the deposits.

B. Funds of the Authority not needed for immediate use or disbursement, including any funds held in reserve, may be invested in

(i)obligations or securities that are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 2.2-4519 ,

(ii)bankers' acceptances, or

(iii)repurchase agreements, reverse repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements.

1999, cc. 852 , 881 , § 2.1-548.65; 2001, c. 844 .