                                 CODE OF VIRGINIA

DEPOSIT OF MONEYS; EXPENDITURES; INVESTMENTS (§ 10.1-603.30)

All moneys belonging to the Fund 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 electronic transfer or
check signed by the Executive Director of the Authority or other officers or
employees designated by the Board of Directors of 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. Money in the Fund
shall not be commingled with other money of the Authority. Money in the Fund not
needed for immediate use or disbursement may be invested or reinvested by the
Authority in obligations or securities that are considered lawful investments
for public funds under the laws of the Commonwealth. Interest earned on moneys
in the Fund shall remain in the Fund and be credited to it. Any moneys remaining
in the Fund, including any appropriated funds and all principal, interest
accrued, and payments at the end of each fiscal year shall not revert to the
general fund but shall remain in the Fund.

HISTORY: 2022, cc. 739, 782.