15.2-829 - Same; powers of county treasurer; deposit of moneys.
§ 15.2-829. Same; powers of county treasurer; deposit of moneys.
A. The director of finance shall also exercise the powers conferred andperform all the duties imposed by general law upon county treasurers, andshall be subject to the obligations and penalties imposed by general law. Allmoneys received by any county officer or employee for or in connection withthe business of the county shall be paid promptly into the hands of thedirector of finance. All such money shall be promptly deposited by thedirector of finance to the credit of the county in such banks or trustcompanies as the board selects. No money shall be disbursed or paid out bythe county except upon check signed by the chairman of the board, or otherperson the board designates, and countersigned by the director of thedepartment of finance or by an electronic fund wire or payment system, or byany means deemed appropriate and sound by the director of finance andapproved by the board drawn upon a warrant issued by the board. If any moneyis knowingly paid otherwise than upon the director of finance's check,electronic fund wire or payment system or by alternative means specificallyapproved by the director of finance and the urban county board ofsupervisors, drawn upon such warrant, this payment shall be invalid againstthe county.
B. The board may designate one or more banks or trust companies as areceiving or collecting agency under the direction of the department offinance. All funds so collected or received shall be deposited to the creditof the county in such banks or trust companies as the board selects.
C. Every bank or trust company serving as a depository or as a receiving orcollecting agency for county funds shall be required by the board to giveadequate security therefor, and to meet such interest requirements as theboard establishes by ordinance or resolution. All interest on money sodeposited shall accrue to the county's benefit. The director of finance orhis authorized deputies may transfer funds from one such depository toanother by wire.
(Code 1950, § 15-384.53; 1960, c. 382; 1962, c. 623, § 15.1-766; 1972, c.456; 1982, c. 647; 1987, c. 419; 1997, c. 587.)