{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-221.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-221.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-221.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-221.html"}],"law_id":54215,"edition_id":1,"section_id":54215,"structure_id":13206,"section_number":"62.1-221","catch_line":"Deposit of money; expenditures; security for deposits","history":"1984, c. 699; 1985, c. 67; 1994, c. 684; 1996, c. 77.","full_text":"A\n\nAll money of the Authority, except as otherwise authorized by law or provided in this chapter, shall be deposited in an account or 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 other officers or employees and 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\n\nNotwithstanding the provisions of subsection A the Authority shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the Authority and of any money held in trust or otherwise for the payment of bonds and to carry out such a contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the Authority, and all banks and trust companies are authorized to give security for the deposits.C\n\nSubject to the provisions of subsection B hereof, 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 which 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.D\n\nWhenever investments are made in accordance with this section, no director, officer or employee of the Authority shall be liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance or nonfeasance on his part.","order_by":null,"text":{"0":{"id":199095,"text":"All money of the Authority, except as otherwise authorized by law or provided in this chapter, shall be deposited in an account or 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 other officers or employees and 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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":199096,"text":"Notwithstanding the provisions of subsection A the Authority shall have the power to contract with the holders of any of its bonds as to the custody, collection, securing, investment and payment of any money of the Authority and of any money held in trust or otherwise for the payment of bonds and to carry out such a contract. Money held in trust or otherwise for the payment of bonds or in any way to secure bonds and deposits of money may be secured in the same manner as money of the Authority, and all banks and trust companies are authorized to give security for the deposits.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":199097,"text":"Subject to the provisions of subsection B hereof, 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 which 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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":199098,"text":"Whenever investments are made in accordance with this section, no director, officer or employee of the Authority shall be liable for any loss therefrom in the absence of negligence, malfeasance, misfeasance or nonfeasance on his part.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13206,"edition_id":1,"name":"Virginia Resources Authority","identifier":"21","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":268673,"object_type":"structure","relational_id":13206,"identifier":"21","token":"62.1\/21","url":"\/62.1\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85141,"structure_id":13206,"section_number":"62.1-197","catch_line":"Short title","url":"\/62.1-197\/","token":"62.1\/21\/62.1-197","metadata":false},{"id":64219,"structure_id":13206,"section_number":"62.1-198","catch_line":"Legislative findings and purposes","url":"\/62.1-198\/","token":"62.1\/21\/62.1-198","metadata":false},{"id":80022,"structure_id":13206,"section_number":"62.1-199","catch_line":"Definitions","url":"\/62.1-199\/","token":"62.1\/21\/62.1-199","metadata":false},{"id":75414,"structure_id":13206,"section_number":"62.1-200","catch_line":"Creation of Authority","url":"\/62.1-200\/","token":"62.1\/21\/62.1-200","metadata":false},{"id":54824,"structure_id":13206,"section_number":"62.1-201","catch_line":"Board of Directors","url":"\/62.1-201\/","token":"62.1\/21\/62.1-201","metadata":false},{"id":73267,"structure_id":13206,"section_number":"62.1-202","catch_line":"Appointment and duties of Executive Director","url":"\/62.1-202\/","token":"62.1\/21\/62.1-202","metadata":false},{"id":85528,"structure_id":13206,"section_number":"62.1-203","catch_line":"Powers of Authority","url":"\/62.1-203\/","token":"62.1\/21\/62.1-203","metadata":false},{"id":66055,"structure_id":13206,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","url":"\/62.1-204\/","token":"62.1\/21\/62.1-204","metadata":false},{"id":74781,"structure_id":13206,"section_number":"62.1-205","catch_line":"Power to issue refunding bonds","url":"\/62.1-205\/","token":"62.1\/21\/62.1-205","metadata":false},{"id":71517,"structure_id":13206,"section_number":"62.1-206","catch_line":"Sources of payment and security for bonds and credit enhancements","url":"\/62.1-206\/","token":"62.1\/21\/62.1-206","metadata":false},{"id":69549,"structure_id":13206,"section_number":"62.1-207","catch_line":"Liability of Commonwealth, political subdivisions and members of board of directors","url":"\/62.1-207\/","token":"62.1\/21\/62.1-207","metadata":false},{"id":72376,"structure_id":13206,"section_number":"62.1-208","catch_line":"Authorization, content and sale of bonds and credit enhancements","url":"\/62.1-208\/","token":"62.1\/21\/62.1-208","metadata":false},{"id":58282,"structure_id":13206,"section_number":"62.1-209","catch_line":"Provisions of resolution or trust indenture authorizing issuance of bonds","url":"\/62.1-209\/","token":"62.1\/21\/62.1-209","metadata":false},{"id":69114,"structure_id":13206,"section_number":"62.1-210","catch_line":"Pledge by Authority","url":"\/62.1-210\/","token":"62.1\/21\/62.1-210","metadata":false},{"id":75603,"structure_id":13206,"section_number":"62.1-211","catch_line":"Purchase of bonds by Authority","url":"\/62.1-211\/","token":"62.1\/21\/62.1-211","metadata":false},{"id":83833,"structure_id":13206,"section_number":"62.1-212","catch_line":"Bonds as negotiable instruments","url":"\/62.1-212\/","token":"62.1\/21\/62.1-212","metadata":false},{"id":57674,"structure_id":13206,"section_number":"62.1-213","catch_line":"Validity of signatures of prior members or officers","url":"\/62.1-213\/","token":"62.1\/21\/62.1-213","metadata":false},{"id":64195,"structure_id":13206,"section_number":"62.1-214","catch_line":"Bondholder protection","url":"\/62.1-214\/","token":"62.1\/21\/62.1-214","metadata":false},{"id":72224,"structure_id":13206,"section_number":"62.1-215","catch_line":"Establishment of capital reserve funds","url":"\/62.1-215\/","token":"62.1\/21\/62.1-215","metadata":false},{"id":78168,"structure_id":13206,"section_number":"62.1-216","catch_line":"Purchase and credit enhancements of local obligations","url":"\/62.1-216\/","token":"62.1\/21\/62.1-216","metadata":false},{"id":72905,"structure_id":13206,"section_number":"62.1-216.1","catch_line":"Investigation by Governor of nonpayments; withholding state funds from nonpaying locality; payment of funds withheld; receipts, reports, etc","url":"\/62.1-216.1\/","token":"62.1\/21\/62.1-216.1","metadata":false},{"id":71594,"structure_id":13206,"section_number":"62.1-217","catch_line":"Grants from Commonwealth","url":"\/62.1-217\/","token":"62.1\/21\/62.1-217","metadata":false},{"id":61493,"structure_id":13206,"section_number":"62.1-218","catch_line":"Grants to local governments","url":"\/62.1-218\/","token":"62.1\/21\/62.1-218","metadata":false},{"id":70080,"structure_id":13206,"section_number":"62.1-219","catch_line":"Exemption from taxation","url":"\/62.1-219\/","token":"62.1\/21\/62.1-219","metadata":false},{"id":63260,"structure_id":13206,"section_number":"62.1-220","catch_line":"Bonds as legal investments and securities","url":"\/62.1-220\/","token":"62.1\/21\/62.1-220","metadata":false},{"id":54215,"structure_id":13206,"section_number":"62.1-221","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/62.1-221\/","token":"62.1\/21\/62.1-221","metadata":false},{"id":84057,"structure_id":13206,"section_number":"62.1-222","catch_line":"Annual reports; audit","url":"\/62.1-222\/","token":"62.1\/21\/62.1-222","metadata":false},{"id":74970,"structure_id":13206,"section_number":"62.1-223","catch_line":"Liberal construction of chapter","url":"\/62.1-223\/","token":"62.1\/21\/62.1-223","metadata":false}],"previous_section":{"id":63260,"structure_id":13206,"section_number":"62.1-220","catch_line":"Bonds as legal investments and securities","url":"\/62.1-220\/","token":"62.1\/21\/62.1-220","metadata":false},"next_section":{"id":84057,"structure_id":13206,"section_number":"62.1-222","catch_line":"Annual reports; audit","url":"\/62.1-222\/","token":"62.1\/21\/62.1-222","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-221\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 699 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1985, chapter 67; in 1994, chapter 684<\/a>; in 1996, chapter 77<\/a>.<\/p>","references":[{"id":82053,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","order_by":null,"url":"\/2.2-4519\/"}],"refers_to":[{"id":82053,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","order_by":null,"url":"\/2.2-4519\/"}],"permalink":{"id":268775,"object_type":"law","relational_id":54215,"identifier":"62.1-221","token":"62.1\/21\/62.1-221","url":"\/62.1-221\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-221\/","token":"62.1\/21\/62.1-221","dublin_core":{"Title":"Deposit of money; expenditures; security for deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-221","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> All money of the Authority<\/span>, except as otherwise authorized by law<\/span> or provided in this chapter, shall be deposited in an account or accounts in banks or trust companies organized under the laws<\/span> of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the laws<\/span> of the Commonwealth or the United States. The money in these accounts shall be paid by check signed by the Executive Director or other officers or employees and designated by the Authority<\/span>. All deposits of money shall, if required by the Authority<\/span>, be secured in a manner determined by the Authority<\/span> to be prudent, and all banks, trust companies and savings institutions are authorized to give security for the deposits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding the provisions of subsection A the Authority<\/span> shall have the power to contract<\/span> with the holders of any of its bonds<\/span><\/span> as to the custody<\/span>, collection, securing, investment and payment of any money of the Authority<\/span> and of any money held in trust or otherwise for the payment of bonds<\/span><\/span> and to carry out such a contract<\/span>. Money held in trust or otherwise for the payment of bonds<\/span><\/span> or in any way to secure bonds<\/span><\/span> and deposits of money may be secured in the same manner as money of the Authority<\/span>, and all banks and trust companies are authorized to give security for the deposits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Subject to the provisions of subsection B hereof, funds of the Authority<\/span> not needed for immediate use or disbursement, including any funds held in reserve, may be invested in (i) obligations or securities which are considered lawful investments for fiduciaries, both individual and corporate, as set forth in § 2.2-4519<\/a>, (ii) bankers’ acceptances, or (iii) repurchase agreements, reverse<\/span> repurchase agreements, rate guarantee or investment agreements or other similar banking arrangements. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Whenever investments are made in accordance with this section, no director, officer or employee of the Authority<\/span> shall be liable for any loss therefrom in the absence of negligence<\/span>, malfeasance, misfeasance or nonfeasance on his part. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEPOSIT OF MONEY; EXPENDITURES; SECURITY FOR DEPOSITS (\u00a7 62.1-221)\n\nA. All money of the Authority, except as otherwise authorized by law or provided\nin this chapter, shall be deposited in an account or accounts in banks or trust\ncompanies organized under the laws of the Commonwealth or in national banking\nassociations located in Virginia or in savings institutions located in Virginia\norganized under the laws of the Commonwealth or the United States. The money in\nthese accounts shall be paid by check signed by the Executive Director or other\nofficers or employees and designated by the Authority. All deposits of money\nshall, if required by the Authority, be secured in a manner determined by the\nAuthority to be prudent, and all banks, trust companies and savings institutions\nare authorized to give security for the deposits.\n\nB. Notwithstanding the provisions of subsection A the Authority shall have the\npower to contract with the holders of any of its bonds as to the custody,\ncollection, securing, investment and payment of any money of the Authority and\nof any money held in trust or otherwise for the payment of bonds and to carry\nout such a contract. Money held in trust or otherwise for the payment of bonds\nor in any way to secure bonds and deposits of money may be secured in the same\nmanner as money of the Authority, and all banks and trust companies are\nauthorized to give security for the deposits.\n\nC. Subject to the provisions of subsection B hereof, funds of the Authority not\nneeded for immediate use or disbursement, including any funds held in reserve,\nmay be invested in (i) obligations or securities which are considered lawful\ninvestments for fiduciaries, both individual and corporate, as set forth in\n§ 2.2-4519, (ii) bankers’ acceptances, or (iii) repurchase\nagreements, reverse repurchase agreements, rate guarantee or investment\nagreements or other similar banking arrangements.\n\nD. Whenever investments are made in accordance with this section, no director,\nofficer or employee of the Authority shall be liable for any loss therefrom in\nthe absence of negligence, malfeasance, misfeasance or nonfeasance on his part.\n\nHISTORY: 1984, c. 699; 1985, c. 67; 1994, c. 684; 1996, c. 77.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}