The authority may by resolution provide that all moneys deposited by it shall be secured:
1. By obligations of the United States or of the Commonwealth of a market value equal at all times to the amount of such deposits;
2. By any securities in which trustees, guardians, executors, administrators and others acting in a fiduciary capacity may legally invest funds within their control; or
3. By an undertaking with such sureties as shall be approved by the authority faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon.
All banks and trust companies are authorized to give any such security for such deposits.
Deposit of such funds in savings accounts and certificates of savings institutions which are under state supervision and of federal associations organized under the laws of the United States and under federal supervision, is hereby authorized, provided that such institution's deposits are insured by the Federal Deposit Insurance Corporation or other federal insurance agency.
Code 1950, § 32-260; 1976, c. 281, § 15.1-1580; 1979, c. 719; 1990, c. 3; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 53 - Hospital Authorities
§ 15.2-5300. Finding and declaration of necessity
§ 15.2-5302. Creation of hospital authorities
§ 15.2-5303. Not to function until council declares need
§ 15.2-5304. How need determined
§ 15.2-5305. What constitutes need
§ 15.2-5306. Effect and sufficiency of resolution declaring need
§ 15.2-5307. Appointment, qualifications, tenure and compensation of commissioners
§ 15.2-5308. Officers and agents
§ 15.2-5309. Effect of inclusion of existing hospital
§ 15.2-5310. Authority and commissioners must comply with law and contracts
§ 15.2-5311. Removal of commissioner on charges of mayor
§ 15.2-5312. Removal of commissioner on charges of obligee
§ 15.2-5313. Service on commissioner by mail
§ 15.2-5314. When commissioner deemed to have acquiesced in violation
§ 15.2-5315. Record of removal proceedings
§ 15.2-5316. Removed commissioner may appeal
§ 15.2-5317. Planning and zoning laws
§ 15.2-5319. Appropriations by city
§ 15.2-5320. Conveyance, lease or transfers of property by city to authority
§ 15.2-5321. Chapter controlling
§ 15.2-5323. Study and investigation concerning plan
§ 15.2-5325. Clinics and instruction programs
§ 15.2-5326. Physicians and employees
§ 15.2-5327. Powers of nonstock corporations
§ 15.2-5328. Bylaws and rules and regulations
§ 15.2-5330. Construction, repair and management
§ 15.2-5332. Regulating practice and nursing in hospital
§ 15.2-5333. Rules as to patients
§ 15.2-5334. Purchases or leases of hospital projects
§ 15.2-5335. Acting with federal government
§ 15.2-5336. Cooperation with subdivision of Commonwealth
§ 15.2-5337. Purchase or lease of property; sale of property
§ 15.2-5340.1. Joint ventures; subsidiaries; investments
§ 15.2-5341. Rules and regulations not to be inconsistent
§ 15.2-5342. Incidental powers
§ 15.2-5344. Contracts with federal government
§ 15.2-5346. Authority to issue
§ 15.2-5348. Commissioners not liable
§ 15.2-5349. Bond indebtedness
§ 15.2-5352. Interim certificates
§ 15.2-5353. Signature of former officers
§ 15.2-5354. Purchase by authority
§ 15.2-5356. Provisions of bonds and trust indentures
§ 15.2-5358. Fees, rents and charges for use of project and facilities; sinking fund
§ 15.2-5359. Moneys received deemed trust funds
§ 15.2-5360. Protection and enforcement of rights and duties under chapter
§ 15.2-5361. Exemption from taxation
§ 15.2-5362. Bonds legal investments; deposit with public agencies
§ 15.2-5364. Liberal construction
§ 15.2-5365. Proceedings for dissolution