University of Virginia Library

ARTICLE V.

Investment of Funds.

Section 501. Moneys held for the credit of the Construction Fund shall, as nearly as may be
practicable, be invested and reinvested by the State Treasurer in securities which are defined as
legal investments for public funds or deposited and redeposited in interest bearing time deposits
and certificates of deposit of national banks located within the State of Virginia and of banks
organized pursuant to Chapter 2 (§ 6-5 et seq.) of Title 6, Code of Virginia, 1950, as amended,
all as provided in and subject to the terms, limitations and conditions of Sections 298, 299 of
Title 2, Chapter 17, Code of Virginia, 1950, as amended, which shall mature, or which shall be
subject to redemption or withdrawal by the holder or depositor thereof at the option of such holder
or depositor, not later than ninety (90) days after the date of such investment or deposit

Moneys held for the credit of the Sinking Fund shall, as nearly as may be practicable, be
invested and reinvested by the State Treasurer in securities which are defined as legal investments
for sinking funds in Section 297 of Title 2, Chapter 17, Code of Virginia, 1950, as amended, which
shall mature, or which shall be subject to redemption by the holder thereof at the option of such
holder, not later than June 15, 1992

Section 502. Obligations so purchased as an investment of moneys in any such Fund shall be
deemed at all times to be a part of such Fund, and the interest accruing thereon and any profit
realized from such investment shall be credited to such Fund, and any loss resulting from such
investment shall be charged to such Fund

The State Treasurer shall sell at the best price obtainable or present for
redemption any obligations so purchased whenever it shall be necessary so to do in order to provide
moneys to meet any payment or transfer from any such Fund. Neither the State Treasurer nor the
Board shall be liable or responsible for any loss resulting from any such investment