The Governor and State Treasurer, acting jointly may whenever in their opinion there are funds in the state treasury in excess of the amount required to meet the current needs and demands of the Commonwealth, invest the excess funds in securities that are legal investments under the laws of the Commonwealth for public funds. The funds shall be invested in such of said securities as, in their judgment, will be readily convertible into money. Notwithstanding the provisions of § 2.2-1821 or any other provision relating to the withdrawal of state moneys in a state depository, withdrawals and transfers of state moneys to be so invested may be made by state depositories pursuant to oral including telephonic or electronic instructions of the State Treasurer or his duly authorized deputies. Written confirmations of the withdrawals and transfers shall be provided by the state depository no later than the close of business on the day following the withdrawal and transfer. Payment of state moneys pursuant to this procedure shall be valid against the Commonwealth.
Code 1950, § 2-154.1; 1956, c. 184; 1966, c. 677, § 2.1-185; 1981, c. 36; 2001, c. 844.
Structure Code of Virginia
Title 2.2 - Administration of Government
Chapter 18 - Department of the Treasury
§ 2.2-1800. Department of the Treasury; State Treasurer
§ 2.2-1801. State Treasurer to appoint administrative assistants, etc.
§ 2.2-1803. State Treasurer; regulation procedures for depositing money
§ 2.2-1805. Records of receipts of such checks, etc.; reports to Comptroller
§ 2.2-1807. Investments, etc., in custody of State Treasurer
§ 2.2-1808. State Treasurer may sell securities in general fund; exceptions; disposition of proceeds
§ 2.2-1809. Warrants on state treasury to be listed and numbered
§ 2.2-1810. State Treasurer to keep accounts with depositories
§ 2.2-1811. Unpresented checks drawn by State Treasurer; replacement and payment
§ 2.2-1812. Admissibility of reproductions of checks in evidence; compliance with subpoena
§ 2.2-1813. Deposits in banks and savings institutions designated as state depositories
§ 2.2-1814. Amount and time limit of deposits
§ 2.2-1815. Security to be given by depositories holding state funds
§ 2.2-1816. How public moneys transferred to depositories
§ 2.2-1817. Commonwealth shall not be liable for loss in collection of checks, etc.
§ 2.2-1821. Deposits to be to credit of State Treasurer; how money withdrawn
§ 2.2-1822. Conditions to issuance of disbursement warrants
§ 2.2-1822.1. Recovery audits of state contracts
§ 2.2-1823. Lump-sum transfers prohibited
§ 2.2-1824. Petty cash, payroll and other funds
§ 2.2-1826. Issuance of replacement warrants generally
§ 2.2-1827. When replacement warrant issued without bond
§ 2.2-1828. Creation of Revenue Stabilization Fund
§ 2.2-1829. Reports of Auditor of Public Accounts; Fund deposits and withdrawals
§ 2.2-1830. Decline in forecasted revenues
§ 2.2-1831. Sources or components of "general fund revenues."
§ 2.2-1831.2. Creation of Revenue Reserve Fund
§ 2.2-1831.3. Commitment of funds for Revenue Reserve Fund
§ 2.2-1831.4. Decline in forecasted revenues
§ 2.2-1831.5. Sources or components of general fund revenues
§ 2.2-1832. Division of Risk Management
§ 2.2-1833. Property and insurance records to be maintained
§ 2.2-1835. State Insurance Reserve Trust Fund
§ 2.2-1836. Insurance plan for state-owned buildings and state-owned contents of buildings
§ 2.2-1837. Risk management plan for public liability
§ 2.2-1838. Insurance of state motor vehicles
§ 2.2-1840. Blanket surety bond plan for state and local employees
§ 2.2-1841. Blanket surety bond plan for moneys under control of court