Virginia Code 62.1-241.3: Deposit of money; expenditures; investments
All money belonging to 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 Authority or other officers or employees designated by the Board of Directors of 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. Money in the Fund shall not be commingled with other money of the Authority. Money in the Fund not needed for immediate use or disbursement may be invested or reinvested by the Authority in obligations or securities which are considered lawful investments for public funds under the laws of the Commonwealth.
Terms Used In Virginia Code 62.1-241.3
- Authority: means the Virginia Resources Authority created in Chapter 21 (§ Virginia Code 62.1-241.1
- Board: means the Virginia Waste Management Board. See Virginia Code 62.1-241.1
- Fund: means the Virginia Solid Waste or Recycling Revolving Fund created by this chapter. See Virginia Code 62.1-241.1
- 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
1992, c. 378; 1996, c. 77.