                                 CODE OF VIRGINIA

SAME; POWERS OF COUNTY TREASURER; DEPOSIT OF MONEYS (§ 15.2-829)

A. The director of finance shall also exercise the powers conferred and perform
all the duties imposed by general law upon county treasurers, and shall be
subject to the obligations and penalties imposed by general law. All moneys
received by any county officer or employee for or in connection with the
business of the county shall be paid promptly into the hands of the director of
finance. All such money shall be promptly deposited by the director of finance
to the credit of the county in such banks or trust companies as the board
selects. No money shall be disbursed or paid out by the county except upon check
signed by the chairman of the board, or other person the board designates, and
countersigned by the director of the department of finance or by an electronic
fund wire or payment system, or by any means deemed appropriate and sound by the
director of finance and approved by the board drawn upon a warrant issued by the
board. If any money is knowingly paid otherwise than upon the director of
finance&#8217;s check, electronic fund wire or payment system or by alternative
means specifically approved by the director of finance and the urban county
board of supervisors, drawn upon such warrant, this payment shall be invalid
against the county.

B. The board may designate one or more banks or trust companies as a receiving
or collecting agency under the direction of the department of finance. All funds
so collected or received shall be deposited to the credit of the county in such
banks or trust companies as the board selects.

C. Every bank or trust company serving as a depository or as a receiving or
collecting agency for county funds shall be required by the board to give
adequate security therefor, and to meet such interest requirements as the board
establishes by ordinance or resolution. All interest on money so deposited shall
accrue to the county&#8217;s benefit. The director of finance or his authorized
deputies may transfer funds from one such depository to another by wire.

HISTORY: Code 1950, § 15-384.53; 1960, c. 382; 1962, c. 623, § 15.1-766; 1972,
c. 456; 1982, c. 647; 1987, c. 419; 1997, c. 587.