62.1-241.3 - Deposit of money; expenditures; investments. - Virginia Statutes

§ 62.1-241.3. 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 Authority or other officers oremployees designated by the Board of Directors of the Authority. All depositsof money shall, if required by the Authority, be secured in a mannerdetermined by the Authority to be prudent, and all banks, trust companies andsavings institutions are authorized to give security for the deposits. Moneyin the Fund shall not be commingled with other money of the Authority. Moneyin the Fund not needed for immediate use or disbursement may be invested orreinvested by the Authority in obligations or securities which are consideredlawful investments for public funds under the laws of the Commonwealth.

(1992, c. 378; 1996, c. 77.)