                                 CODE OF VIRGINIA

DEPOSIT OF MONEY; EXPENDITURES; INVESTMENTS (§ 36-143)

All money transferred to the control of the HDA from 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
check signed by the Executive Director of the HDA or other officers or employees
designated by the Commissioners of the HDA. All deposits of money shall, if
required by the Director of the Department of Housing and Community Development,
be secured in a manner determined by the Director of the Department of Housing
and Community Development to be prudent. All banks, trust companies and savings
and loan associations are authorized to give security for the deposits. Money in
the Fund shall not be commingled with other money of the HDA. Money in the Fund
not needed for immediate use or disbursement may be invested or reinvested by
the HDA at the direction and guidance of the Director of the Department of
Housing and Community Development in obligations or securities which are
considered lawful investments for public funds under the laws of the
Commonwealth. All interest and earnings accrued from investments of moneys from
the Fund shall be used to increase the amount available in the Fund.

HISTORY: 1988, c. 687; 1996, c. 77; 2013, c. 754.