15.2-6611 - Deposit and investment of funds. - Virginia Statutes

§ 15.2-6611. Deposit and investment of funds.

Except as provided by contract with a participating political subdivision,all moneys received pursuant to the authority of this act, whether asproceeds from the sale of bonds or as revenues or otherwise, shall be deemedto be trust funds to be held and applied solely as provided in this act. Allmoneys of the Authority shall be deposited as soon as practicable in aseparate account or accounts in one or more banks or trust companiesorganized under the laws of the Commonwealth or national banking associationshaving their principal offices in the Commonwealth. Such deposits shall becontinuously secured in accordance with the Virginia Security for PublicDeposits Act (§ 2.2-4400 et seq.).

Funds of the Authority not needed for immediate use or disbursement may,subject to the provisions of any contract between the Authority and theholders of its bonds, be invested in securities that are considered lawfulinvestments for fiduciaries.

(2002, c. 766.)