Except as provided by contract with a participating political subdivision, all moneys received pursuant to the authority of this act, whether as proceeds from the sale of bonds or as revenues or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this act. All moneys of the Authority shall be deposited as soon as practicable in a separate account or accounts in one or more banks or trust companies organized under the laws of the Commonwealth or national banking associations having their principal offices in the Commonwealth. Such deposits shall be continuously secured in accordance with the Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.).
Funds of the Authority not needed for immediate use or disbursement may, subject to the provisions of any contract between the Authority and the holders of its bonds, be invested in securities that are considered lawful investments for fiduciaries.
2014, c. 471.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 74 - Eastern Shore Water Access Authority
§ 15.2-7401. Creation; public purpose
§ 15.2-7403. Participating political subdivision
§ 15.2-7404. Appointment of a board of directors
§ 15.2-7407. Name of authority
§ 15.2-7408. Rules, regulations, and minimum standards
§ 15.2-7411. Deposit and investment of funds
§ 15.2-7412. Authority to issue bonds
§ 15.2-7413. Fees, rents, and charges
§ 15.2-7414. Credit of Commonwealth and political subdivisions not pledged
§ 15.2-7415. Directors and persons executing bonds not liable thereon
§ 15.2-7416. Security for payment of bonds; default
§ 15.2-7418. Bonds as legal investments
§ 15.2-7419. Appropriation by political subdivision
§ 15.2-7420. Contracts with political subdivisions
§ 15.2-7421. Agreement with Commonwealth and participating political subdivisions
§ 15.2-7422. Liberal construction
§ 15.2-7423. Application of local ordinances, service charges, and taxes upon leaseholds
§ 15.2-7424. Existing contracts, leases, franchises, etc., not impaired