Virginia Code 10.1-603.26: Deposit of moneys; expenditures; investments.
All moneys in 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 moneys in these accounts shall be paid by 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 moneys 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. Moneys in the Fund shall not be commingled with other moneys of the Authority. Moneys 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.
Terms Used In Virginia Code 10.1-603.26
- Authority: means the Virginia Resources Authority. See Virginia Code 10.1-603.24
- Director: means the Director of the Department of Conservation and Recreation. See Virginia Code 10.1-100
- Fund: means the Virginia Community Flood Preparedness Fund created pursuant to § Virginia Code 10.1-603.24
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
2016, c. 762.