§ 15.2-7213 — Deposit and investment of funds

Virginia § 15.2-7213

• Jurisdiction: Virginia
• Title 15.2: COUNTIES, CITIES AND TOWNS
• Subtitle IV: OTHER GOVERNMENTAL ENTITIES
• Ch. 72: BVU AUTHORITY ACT

Text

All moneys of the Authority shall be deposited as soon as practicable in a separate account or accounts in one or more banks or trust companies organized under the laws of the Commonwealth or national banking associations having their principal offices in the Commonwealth. Such deposits shall be continuously secured in accordance with the Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.).

Funds of the Authority not needed for immediate use or disbursement may, subject to the provisions of any contract between the Authority and the holders of its bonds or any contract between the Authority and TVA, be invested in securities that are considered lawful investments for fiduciaries.

Legislative History

2010, cc. 117, 210.