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 direct obligations of, or obligations
the principal of and the interest on which are unconditionally guaranteed by, the United
States Government which shall mature, or which shall be subject to redemption by the holder thereof
at the option of such holder, not later than ninety (90) days after the date of such investment.

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 direct obligations of, or obligations the principal
of and the interest on which are unconditionally guaranteed by, the United States Government which
shall mature, or which shall be subject to redemption by the holder thereof at the option of such
holder, not later than 1 July 1986.

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.