CHAPTER 299

An Act to amend and reenact § 15-22 of the Code of Virginia, relating to
certain investments which may be made by certain political sub-
divisions.

[S 98]

Approved March 17, 1954
Be it enacted by the General Assembly of Virginia:

ta That § 15-22 of the Code of Virginia be amended and reenacted as
ollows:

§ 15-22. * The board of supervisors of any county or the council of
any city or town may by resolution or ordinance direct the treasurer of
such county, town or city, or the custodian or manager of any sinking fund,
to purchase out of any moneys available in the general fund, or in any
sinking fund, or any special fund of such county, city or town, bonds or
other evidences of debt of the United States of America, or of the State
or any political subdivision or institution thereof, the amount of such pur-
chases to be prescribed in the resolution or ordinance directing the purchase
of same. Any such treasurer or custodian of such funds shall comply with
any such ordinance or resolution. Any bonds or other evidences of debt
purchased under the provisions of this section shall be held by the treas-
urer, or other proper custodian thereof, until such time as the board of
supervisors or council, by resolution or ordinance, directs the sale or other
disposition thereof. No county treasurer, town treasurer, city treasurer
or other custodian or manager of such funds shall be held liable for any
loss of public money which may occur as a result of depreciation in the
value of securities purchased pursuant to the provisions of this section.

Nothing in this section shall be deemed to repeal any provision of
any city or town charter prohibiting the investment of any sinking fund
in the securities, investment in which is otherwise hereby authorized.