{"law_id":"766948","section_number":"15.2-7411","catch_line":"Deposit and investment of funds","history":"2014, c. 471.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/15.2-7411\/","refers_to":[{"id":"787947","section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","url":"\/2.2-4400\/"}],"url":"\/15.2-7411\/","token":"15.2\/IV\/74\/15.2-7411","structure":{"1":{"id":"593","name":"Eastern Shore Water Access Authority","identifier":"74","label":"chapter","url":"\/15.2\/IV\/74\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"766948","structure_id":"593","full_text":"Except as provided by contract with a participating political subdivision, all moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this act. 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 (\u00a7 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, be invested in securities that are considered lawful investments for fiduciaries.","text":{"0":{"id":"2471882","text":"Except as provided by contract with a participating political subdivision, all moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this act. 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 (\u00a7 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, be invested in securities that are considered lawful investments for fiduciaries.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"593","name":"Eastern Shore Water Access Authority","identifier":"74","label":"chapter","url":"\/15.2\/IV\/74\/"},"2":{"id":"47","name":"Other Governmental Entities","identifier":"IV","label":"subtitle","url":"\/15.2\/IV\/"},"3":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"structure_contents":{"0":{"id":"782055","structure_id":"593","section_number":"15.2-7400","catch_line":"Title","url":"\/15.2-7400\/","token":"15.2\/IV\/74\/15.2-7400"},"1":{"id":"791652","structure_id":"593","section_number":"15.2-7401","catch_line":"Creation; public purpose","url":"\/15.2-7401\/","token":"15.2\/IV\/74\/15.2-7401"},"2":{"id":"796195","structure_id":"593","section_number":"15.2-7402","catch_line":"Definitions","url":"\/15.2-7402\/","token":"15.2\/IV\/74\/15.2-7402"},"3":{"id":"780280","structure_id":"593","section_number":"15.2-7403","catch_line":"Participating political subdivision","url":"\/15.2-7403\/","token":"15.2\/IV\/74\/15.2-7403"},"4":{"id":"771466","structure_id":"593","section_number":"15.2-7404","catch_line":"Appointment of a board of directors","url":"\/15.2-7404\/","token":"15.2\/IV\/74\/15.2-7404"},"5":{"id":"773458","structure_id":"593","section_number":"15.2-7405","catch_line":"Organization","url":"\/15.2-7405\/","token":"15.2\/IV\/74\/15.2-7405"},"6":{"id":"782061","structure_id":"593","section_number":"15.2-7406","catch_line":"Powers","url":"\/15.2-7406\/","token":"15.2\/IV\/74\/15.2-7406"},"7":{"id":"791812","structure_id":"593","section_number":"15.2-7407","catch_line":"Name of authority","url":"\/15.2-7407\/","token":"15.2\/IV\/74\/15.2-7407"},"8":{"id":"783688","structure_id":"593","section_number":"15.2-7408","catch_line":"Rules, regulations, and minimum standards","url":"\/15.2-7408\/","token":"15.2\/IV\/74\/15.2-7408"},"9":{"id":"785271","structure_id":"593","section_number":"15.2-7409","catch_line":"Reports","url":"\/15.2-7409\/","token":"15.2\/IV\/74\/15.2-7409"},"10":{"id":"773412","structure_id":"593","section_number":"15.2-7410","catch_line":"Procurement","url":"\/15.2-7410\/","token":"15.2\/IV\/74\/15.2-7410"},"11":{"id":"766948","structure_id":"593","section_number":"15.2-7411","catch_line":"Deposit and investment of funds","url":"\/15.2-7411\/","token":"15.2\/IV\/74\/15.2-7411"},"12":{"id":"765931","structure_id":"593","section_number":"15.2-7412","catch_line":"Authority to issue bonds","url":"\/15.2-7412\/","token":"15.2\/IV\/74\/15.2-7412"},"13":{"id":"790857","structure_id":"593","section_number":"15.2-7413","catch_line":"Fees, rents, and charges","url":"\/15.2-7413\/","token":"15.2\/IV\/74\/15.2-7413"},"14":{"id":"766695","structure_id":"593","section_number":"15.2-7414","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-7414\/","token":"15.2\/IV\/74\/15.2-7414"},"15":{"id":"769460","structure_id":"593","section_number":"15.2-7415","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7415\/","token":"15.2\/IV\/74\/15.2-7415"},"16":{"id":"781297","structure_id":"593","section_number":"15.2-7416","catch_line":"Security for payment of bonds; default","url":"\/15.2-7416\/","token":"15.2\/IV\/74\/15.2-7416"},"17":{"id":"773194","structure_id":"593","section_number":"15.2-7417","catch_line":"Taxation","url":"\/15.2-7417\/","token":"15.2\/IV\/74\/15.2-7417"},"18":{"id":"776658","structure_id":"593","section_number":"15.2-7418","catch_line":"Bonds as legal investments","url":"\/15.2-7418\/","token":"15.2\/IV\/74\/15.2-7418"},"19":{"id":"783579","structure_id":"593","section_number":"15.2-7419","catch_line":"Appropriation by political subdivision","url":"\/15.2-7419\/","token":"15.2\/IV\/74\/15.2-7419"},"20":{"id":"794308","structure_id":"593","section_number":"15.2-7420","catch_line":"Contracts with political subdivisions","url":"\/15.2-7420\/","token":"15.2\/IV\/74\/15.2-7420"},"21":{"id":"765391","structure_id":"593","section_number":"15.2-7421","catch_line":"Agreement with Commonwealth and participating political subdivisions","url":"\/15.2-7421\/","token":"15.2\/IV\/74\/15.2-7421"},"22":{"id":"769208","structure_id":"593","section_number":"15.2-7422","catch_line":"Liberal construction","url":"\/15.2-7422\/","token":"15.2\/IV\/74\/15.2-7422"},"23":{"id":"792753","structure_id":"593","section_number":"15.2-7423","catch_line":"Application of local ordinances, service charges, and taxes upon leaseholds","url":"\/15.2-7423\/","token":"15.2\/IV\/74\/15.2-7423"},"24":{"id":"771894","structure_id":"593","section_number":"15.2-7424","catch_line":"Existing contracts, leases, franchises, etc., not impaired","url":"\/15.2-7424\/","token":"15.2\/IV\/74\/15.2-7424"},"25":{"id":"794612","structure_id":"593","section_number":"15.2-7425","catch_line":"Withdrawal of membership","url":"\/15.2-7425\/","token":"15.2\/IV\/74\/15.2-7425"}},"previous_section":{"id":"773412","structure_id":"593","section_number":"15.2-7410","catch_line":"Procurement","url":"\/15.2-7410\/","token":"15.2\/IV\/74\/15.2-7410"},"next_section":{"id":"765931","structure_id":"593","section_number":"15.2-7412","catch_line":"Authority to issue bonds","url":"\/15.2-7412\/","token":"15.2\/IV\/74\/15.2-7412"},"references":false,"formats":{"txt":"\/15.2-7411.txt","json":"\/15.2-7411.json","xml":"\/15.2-7411.xml"},"dublin_core":{"Title":"Deposit and investment of funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7411","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nDEPOSIT AND INVESTMENT OF FUNDS (\u00a7 15.2-7411)\n\nExcept as provided by contract with a participating political subdivision, all\nmoneys received pursuant to the authority of this act, whether as proceeds from\nthe sale of bonds or as revenues or otherwise, shall be deemed to be trust funds\nto be held and applied solely as provided in this act. All moneys of the\nAuthority shall be deposited as soon as practicable in a separate account or\naccounts in one or more banks or trust companies organized under the laws of the\nCommonwealth or national banking associations having their principal offices in\nthe Commonwealth. Such deposits shall be continuously secured in accordance with\nthe Virginia Security for Public Deposits Act (\u00a7 2.2-4400 et seq.).Funds of the\nAuthority not needed for immediate use or disbursement may, subject to the\nprovisions of any contract between the Authority and the holders of its bonds,\nbe invested in securities that are considered lawful investments for\nfiduciaries.\n\nHISTORY: 2014, c. 471."}