Section 370. Allowable investment and custody policies.

Latest version.

The investment of available federal or state funds shall be directed by two principles: (i) all funds received must be protected from unreasonable loss or diminished value, and (ii) investments must be selected to earn a reasonable return on funds not expected to be disbursed immediately. In furtherance of such principles, the following investment mechanisms are authorized:

1. Any interest bearing checking account that is fully insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation;

2. NOW accounts.

Historical Notes

Derived from Volume 29, Issue 02, eff. October 24, 2012.

Statutory Authority

§ 51.5-131 of the Code of Virginia; 42 USC § 3001 et seq.

                    
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