§ 33.1-23.03:5. Administration of Transportation Trust Fund
The Transportation Trust Fund shall be established on the books of the Comptroller so as to segregate the amounts appropriated to the Fund and the amounts earned or accumulated by such trust fund. No portion of such trust fund shall be used for a purpose other than as provided herein. Funds remaining in the Transportation Trust Fund at the end of a biennium shall not revert to the general fund but shall remain in the trust fund, to be used for the purposes set forth in §§ 33.1-23.03:1 through 33.1-23.03:4 and shall accumulate interest and dividends throughout the existence of the trust fund. Whenever in the Board's opinion there are funds in the Transportation Trust Fund in excess of the amount required to meet the current needs and demands of the transportation program, the Board may invest such excess funds in securities that, in its judgment, will be readily convertible into money. Such securities may include, but not be limited to, debentures and other government and corporate obligations, common and preferred stocks limited to thirty percent of total trust funds investments based on cost, "prime quality" commercial paper, as defined and limited by § 2.2-4502, bankers' acceptances, bonds, money market funds, and overnight, term and open repurchase agreements. The investment of moneys held in the Transportation Trust Fund shall be administered by the state treasury under guidelines adopted by the Board pursuant to this section.
The Treasurer may, at his option, manage such funds, or hire professional outside investment counsel to manage part or all of such funds.
The selection of services related to the management, purchase or sale of authorized investments shall be governed by the foregoing standard and shall not be subject to the provisions of Chapter 43 (§ 2.2-4300 et seq.) of Title 2.2.
(1986, Sp. Sess., c. 13.)
Sections: Previous 33.1-23.03:001 33.1-23.03:002 33.1-23.03:01 33.1-23.03:1 33.1-23.03:2 33.1-23.03:3 33.1-23.03:4 33.1-23.03:5 33.1-23.03:6 33.1-23.03:7 33.1-23.03:8 33.1-23.03:9 33.1-23.03:10 33.1-23.04 33.1-23.05 NextLast modified: April 16, 2009