                                 CODE OF VIRGINIA

DEPOSIT OF MONEY; EXPENDITURES; SECURITY FOR DEPOSITS (§ 62.1-221)

A. All money of the Authority, except as otherwise authorized by law or provided
in this chapter, 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 or other
officers or employees and designated by 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.

B. Notwithstanding the provisions of subsection A the Authority shall have the
power to contract with the holders of any of its bonds as to the custody,
collection, securing, investment and payment of any money of the Authority and
of any money held in trust or otherwise for the payment of bonds and to carry
out such a contract. Money held in trust or otherwise for the payment of bonds
or in any way to secure bonds and deposits of money may be secured in the same
manner as money of the Authority, and all banks and trust companies are
authorized to give security for the deposits.

C. Subject to the provisions of subsection B hereof, funds of the Authority not
needed for immediate use or disbursement, including any funds held in reserve,
may be invested in (i) obligations or securities which are considered lawful
investments for fiduciaries, both individual and corporate, as set forth in
&#xA7; 2.2-4519, (ii) bankers&#8217; acceptances, or (iii) repurchase
agreements, reverse repurchase agreements, rate guarantee or investment
agreements or other similar banking arrangements.

D. Whenever investments are made in accordance with this section, no director,
officer or employee of the Authority shall be liable for any loss therefrom in
the absence of negligence, malfeasance, misfeasance or nonfeasance on his part.

HISTORY: 1984, c. 699; 1985, c. 67; 1994, c. 684; 1996, c. 77.