15.2-2625 - Deposit of funds; security; investment of funds.
§ 15.2-2625. Deposit of funds; security; investment of funds.
Unless otherwise provided in the ordinance, resolution, trust agreement,indenture or other instrument authorizing the issuance of bonds, all moneycollected and required to be set aside for the payment of bonds issued underthe provisions of this chapter, whether from the proceeds of taxes levied forsuch purpose or from revenues or special assessments pledged for suchpurpose, shall be deposited in escrow with some solvent bank or trust companyin the Commonwealth which is acceptable to the governing body and shall besecured pursuant to the Virginia Security for Public Deposits Act, Chapter 44(§ 2.2-4400 et seq.) of Title 2.2. In lieu of retaining the money on deposit,all or part of the money may be invested in securities that are legalinvestments under the laws of the Commonwealth, which mature, or which aresubject to redemption by the owner at the option of the owner, not later thanthe date upon which the money shall be required to make the payments forwhich it has been designated.
(Code 1950, § 15-666.52; 1958, c. 640; 1960, c. 92; 1962, c. 623, § 15.1-211;1978, c. 389; 1988, c. 834; 1991, c. 668, § 15.1-227.26; 1997, c. 587.)