15.2-7213 - Deposit and investment of funds. - Virginia Statutes

§ 15.2-7213. Deposit and investment of funds.

All moneys 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 or any contract between the Authority and TVA, beinvested in securities that are considered lawful investments for fiduciaries.

(2010, cc. 117, 210.)