 | Board of Visitors minutes September 29, 1962 |  |
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
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 October 1, 1987.
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
| Board of Visitors minutes September 29, 1962 | |