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

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

A. All money of the Authority, except as otherwise authorized by law or thisarticle, shall be deposited in accounts in banks or trust companies organizedunder the laws of the Commonwealth or in national banking associationslocated in Virginia or in savings institutions located in Virginia organizedunder the laws of the Commonwealth or the United States. The money in theseaccounts shall be paid by check signed by the Executive Director or any otherofficer or employee designated by the Authority. All deposits of money shall,if required by the Authority, be secured in a manner determined by theAuthority to be prudent, and all banks, trust companies and savingsinstitutions 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 orsecurities that are considered lawful investments for fiduciaries, bothindividual and corporate, as set forth in § 26-40, (ii) bankers' acceptances,or (iii) repurchase agreements, reverse repurchase agreements, rate guaranteeor investment agreements or other similar banking arrangements.

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