                                 CODE OF VIRGINIA

MONEYS OF THE AUTHORITY (§ 23.1-2408)

A. All moneys of the Authority derived from any source shall be paid to the
treasurer of the Authority. Such moneys shall be deposited in the first instance
by the treasurer in one or more banks or trust companies, in one or more special
accounts. All banks and trust companies may give security for such deposits, if
required by the Authority. The moneys in such accounts shall be paid out on the
warrant or other orders of the treasurer of the Authority or such other person
as the Authority may authorize to execute such warrants or orders.

B. Notwithstanding any provision of law to the contrary, the Authority may
invest its operating funds in any obligations or securities that are considered
legal investments for public funds in accordance with the Investment of Public
Funds Act (&#xA7; 2.2-4500 et seq.). The board shall adopt written investment
guidelines and retain an independent investment advisory firm or consultant to
review at least every five years the suitability of the Authority&#8217;s
investments and the consistency of such investments with the investment
guidelines.

HISTORY: 1996, cc. 905, 1046, § 23-50.16:14; 2016, c. 588; 2017, c. 314.