<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>61024</law_id><section_number>10.1-603.30</section_number><catch_line>Deposit of moneys; expenditures; investments</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="10.1">Conservation</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Activities Administered by the Department of Conservation and Recreation</unit><unit label="chapter" level="3" order_by="1" identifier="6">Flood Protection and Dam Safety</unit><unit label="article" level="4" order_by="1" identifier="1.4">Resilient Virginia Revolving Fund</unit></structure><text>
						<section><p>All moneys belonging to the <span class="dictionary">Fund</span> shall be deposited in an account or accounts in banks or trust companies organized under the <span class="dictionary">laws</span> of the Commonwealth or in national banking associations located in Virginia or in savings institutions located in Virginia organized under the <span class="dictionary">laws</span> of the Commonwealth or the United States. The money in these accounts shall be paid by electronic transfer or check signed by the Executive <span class="dictionary">Director</span> of the <span class="dictionary">Authority</span> or other officers or employees designated by the Board of <span class="dictionary">Directors</span> of the <span class="dictionary">Authority</span>. All deposits of money shall, if required by the <span class="dictionary">Authority</span>, be secured in a manner determined by the <span class="dictionary">Authority</span> to be prudent, and all banks, trust companies, and savings institutions are authorized to give security for the deposits. Money in the <span class="dictionary">Fund</span> shall not be commingled with other money of the <span class="dictionary">Authority</span>. Money in the <span class="dictionary">Fund</span> not needed for immediate use or disbursement may be invested or reinvested by the <span class="dictionary">Authority</span> in obligations or securities that are considered lawful investments for public <span class="dictionary">funds</span> under the <span class="dictionary">laws</span> of the Commonwealth. Interest earned on moneys in the <span class="dictionary">Fund</span> shall remain in the <span class="dictionary">Fund</span> and be credited to it. Any moneys remaining in the <span class="dictionary">Fund</span>, including any appropriated <span class="dictionary">funds</span> and all principal, interest accrued, and payments at the end of each fiscal year shall not revert to the general <span class="dictionary">fund</span> but shall remain in the <span class="dictionary">Fund</span>.</p></section></text><history>2022, cc. 739, 782.</history><metadata></metadata></law>
