36-143 - Deposit of money; expenditures; investments. - Virginia Statutes

§ 36-143. Deposit of money; expenditures; investments.

All money belonging to the Fund shall be deposited in an account or accountsin banks or trust companies organized under the laws of the Commonwealth orin national banking associations located in Virginia or in savingsinstitutions located in Virginia organized under the laws of the Commonwealthor the United States. The money in these accounts shall be paid by checksigned by the Executive Director of the HDA or other officers or employeesdesignated by the Commissioners of the HDA. All deposits of money shall, ifrequired by the Director of the Department of Housing and CommunityDevelopment, be secured in a manner determined by the Director of theDepartment of Housing and Community Development to be prudent. All banks,trust companies and savings and loan associations are authorized to givesecurity for the deposits. Money in the Fund shall not be commingled withother money of the HDA. Money in the Fund not needed for immediate use ordisbursement may be invested or reinvested by the HDA at the direction andguidance of the Director of the Department of Housing and CommunityDevelopment in obligations or securities which are considered lawfulinvestments for public funds under the laws of the Commonwealth. All interestand earnings accrued from investments of moneys from the Fund shall be usedto increase the amount available in the Fund.

(1988, c. 687; 1996, c. 77.)