Virginia Code Title 23.1. Institutions of Higher Education;  Other Educational and Cultural Institutions § 23.1-2408. Moneys of the Authority

A. All moneys of the Authority derived from any source shall be paid to the treasurer of the Authority.  Such moneys shall be deposited in the first instance by the treasurer in one or more banks or trust companies, in one or more special accounts.  All banks and trust companies may give security for such deposits, if required by the Authority.  The moneys in such accounts shall be paid out on the warrant or other orders of the treasurer of the Authority or such other person as the Authority may authorize to execute such warrants or orders.

B. Notwithstanding any provision of law to the contrary, the Authority may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with the Investment of Public Funds Act (§ 2.2-4500 et seq.).  The board shall adopt written investment guidelines and retain an independent investment advisory firm or consultant to review at least every five years the suitability of the Authority's investments and the consistency of such investments with the investment guidelines.