Code of Virginia § 62.1-221. Deposit of money; expenditures; security for deposits.
356 words·~2 min read·
/va/title-62-1/chapter-21/62-1-221·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 provided in this chapter, shall be deposited in an account or 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 other officers or employees and 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. Notwithstanding the provisions of subsection A the Authority shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the Authority and of any money held in trust or otherwise for the payment of bonds and to carry out such a contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the Authority, and all banks and trust companies are authorized to give security for the deposits.
C. Subject to the provisions of subsection B hereof, 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 which 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.
D. Whenever investments are made in accordance with this section, no director, officer or employee of the Authority shall be liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance or nonfeasance on his part.
1984, c. 699; 1985, c. 67; 1994, c. 684 ; 1996, c. 77 .