CODE OF VIRGINIA

DEPOSIT OF MONEY; EXPENDITURES; SECURITY FOR DEPOSITS (§ 2.2-2322)

A. All money of the Authority, except as otherwise authorized by law or this
article, shall be deposited in accounts in banks or trust companies organized
under the laws of the Commonwealth or in national banking associations located
in Virginia or in savings institutions located in Virginia organized under the
laws of the Commonwealth or the United States. The money in these accounts shall
be paid by check signed by the Executive Director or any other officer or
employee designated by the Authority. All deposits of money shall, if required
by the Authority, be secured in a manner determined by the Authority to be
prudent, and all banks, trust companies and savings institutions are authorized
to give security for the deposits.

B. Funds of the Authority not needed for immediate use or disbursement,
including any funds held in reserve, may be invested in (i) obligations or
securities that are considered lawful investments for fiduciaries, both
individual and corporate, as set forth in § 2.2-4519, (ii) bankers’
acceptances, or (iii) repurchase agreements, reverse repurchase agreements, rate
guarantee or investment agreements or other similar banking arrangements.

HISTORY: 1999, cc. 852, 881, § 2.1-548.65; 2001, c. 844.