33.1-23.03:5 - Administration of Transportation Trust Fund - Virginia Statutes

§ 33.1-23.03:5. Administration of Transportation Trust Fund.

The Transportation Trust Fund shall be established on the books of theComptroller so as to segregate the amounts appropriated to the Fund and theamounts earned or accumulated by such trust fund. No portion of such trustfund shall be used for a purpose other than as provided herein. Fundsremaining in the Transportation Trust Fund at the end of a biennium shall notrevert to the general fund but shall remain in the trust fund, to be used forthe purposes set forth in §§ 33.1-23.03:1 through 33.1-23.03:4 and shallaccumulate interest and dividends throughout the existence of the trust fund.Whenever in the Board's opinion there are funds in the Transportation TrustFund in excess of the amount required to meet the current needs and demandsof the transportation program, the Board may invest such excess funds insecurities that, in its judgment, will be readily convertible into money.Such securities may include, but not be limited to, debentures and othergovernment and corporate obligations, common and preferred stocks limited tothirty percent of total trust funds investments based on cost, "primequality" commercial paper, as defined and limited by § 2.2-4502, bankers'acceptances, bonds, money market funds, and overnight, term and openrepurchase agreements. The investment of moneys held in the TransportationTrust Fund shall be administered by the state treasury under guidelinesadopted by the Board pursuant to this section.

The Treasurer may, at his option, manage such funds, or hire professionaloutside investment counsel to manage part or all of such funds.

The selection of services related to the management, purchase or sale ofauthorized investments shall be governed by the foregoing standard and shallnot be subject to the provisions of Chapter 43 (§ 2.2-4300 et seq.) of Title2.2.

(1986, Sp. Sess., c. 13.)