Investments 3-26

School Board of the City of Virginia Beach
Policy 3-26

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Investments

The School Board shall see that funds not immediately needed are invested in a manner consistent with fiduciary responsibility as mandated in the legal reference to this Policy. Individual schools may invest school activity funds not immediately needed in certificates of deposit in a manner consistent with the fiduciary responsibility. Proceeds from these investments shall accrue to the school fund from which they originated.

Code of Virginia § 2.2-4505, as amended. Investment in certificates representing ownership of treasury bond principal at maturity or its coupons for accrued periods.

Code of Virginia § 2.2-4507, as amended. Investment of funds in overnight, term and open repurchase agreements.

Adopted by School Board: February 16, 1993
Amended by School Board: October 19, 1993
Amended by School Board: January 14, 2020