CODE OF VIRGINIA

INVESTMENT OF CURRENT FUNDS IN STATE TREASURY; WITHDRAWALS AND TRANSFERS OF
MONEYS TO BE INVESTED (§ 2.2-1806)

The Governor and State Treasurer, acting jointly may whenever in their opinion
there are funds in the state treasury in excess of the amount required to meet
the current needs and demands of the Commonwealth, invest the excess funds in
securities that are legal investments under the laws of the Commonwealth for
public funds. The funds shall be invested in such of said securities as, in
their judgment, will be readily convertible into money. Notwithstanding the
provisions of § 2.2-1821 or any other provision relating to the withdrawal of
state moneys in a state depository, withdrawals and transfers of state moneys to
be so invested may be made by state depositories pursuant to oral including
telephonic or electronic instructions of the State Treasurer or his duly
authorized deputies. Written confirmations of the withdrawals and transfers
shall be provided by the state depository no later than the close of business on
the day following the withdrawal and transfer. Payment of state moneys pursuant
to this procedure shall be valid against the Commonwealth.

HISTORY: Code 1950, § 2-154.1; 1956, c. 184; 1966, c. 677, § 2.1-185; 1981, c.
36; 2001, c. 844.