2006 Code of Virginia § 2.2-1806 - Investment of current funds in state treasury; withdrawals and transfers of moneys to be investe...

2.2-1806. Investment of current funds in state treasury; withdrawals andtransfers of moneys to be invested.

The Governor and State Treasurer, acting jointly may whenever in theiropinion there are funds in the state treasury in excess of the amountrequired to meet the current needs and demands of the Commonwealth, investthe excess funds in securities that are legal investments under the laws ofthe Commonwealth for public funds. The funds shall be invested in such ofsaid securities as, in their judgment, will be readily convertible intomoney. Notwithstanding the provisions of 2.2-1821 or any other provisionrelating to the withdrawal of state moneys in a state depository, withdrawalsand transfers of state moneys to be so invested may be made by statedepositories pursuant to oral including telephonic or electronic instructionsof the State Treasurer or his duly authorized deputies. Written confirmationsof the withdrawals and transfers shall be provided by the state depository nolater than the close of business on the day following the withdrawal andtransfer. Payment of state moneys pursuant to this procedure shall be validagainst the Commonwealth.

(Code 1950, 2-154.1; 1956, c. 184; 1966, c. 677, 2.1-185; 1981, c. 36;2001, c. 844.)