21-178 - Funds of commission. - Virginia Statutes

§ 21-178. Funds of commission.

(a) All moneys of a commission, whether derived from the sale of bonds orother obligations or from the collection of fees, rents and other chargescharged by the commission or from any contract of the commission or from anyother source shall be collected, received, held, secured and disbursed inaccordance with any contract of the commission relating thereto. Thefollowing provisions of this section shall be applicable to any such moneysonly if and to the extent that they are consistent with such contract orcontracts of the commission.

(b) Such moneys shall not be required to be paid into the state treasury orinto the treasury or to any officer of any county, city or town.

(c) All such moneys shall be deposited by the commission in a separate bankaccount or accounts, appropriately designated, in such banks or trustcompanies as may be designated by the commission.

(d) All deposits of such moneys shall be secured by bonds or other directunlimited obligations of the United States or of the Commonwealth or of anycounty, city or town of the Commonwealth or of the commission of a marketvalue at least equal at all times to the amount of such deposits, and allbanks and trust companies are authorized to give such security for suchdeposits.

(1938, p. 524; Michie Code 1942, § 1560ww.)