Virginia Code 15.2-7213: Deposit and investment of funds
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All moneys of the Authority shall be deposited as soon as practicable in a separate account or accounts in one or more banks or trust companies organized under the laws of the Commonwealth or national banking associations having their principal offices in the Commonwealth. Such deposits shall be continuously secured in accordance with the Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.).
Terms Used In Virginia Code 15.2-7213
- Authority: means the BVU Authority created by entity conversion of Bristol Virginia Utilities by this chapter. See Virginia Code 15.2-7202
- Bonds: means any bonds, notes, debentures, bond acceptance notes, or other evidence of financial indebtedness either issued or assumed by the Authority pursuant to this chapter. See Virginia Code 15.2-7202
- Commonwealth: means the Commonwealth of Virginia. See Virginia Code 15.2-7202
- Contract: A legal written agreement that becomes binding when signed.
Funds of the Authority not needed for immediate use or disbursement may, subject to the provisions of any contract between the Authority and the holders of its bonds or any contract between the Authority and TVA, be invested in securities that are considered lawful investments for fiduciaries.