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stitutional officer) to do anything?” asked chairman Dick Latham.
“Why should anyone fail to instruct the treasurer to get the best return on our money?” demanded Robert Eastham.
Clerk Diane Bruce interjected that she thought the treasurer had been comparing interest rates between the two Rappahannock banks at least since the first of the year before depositing county funds.
Later in the meeting, commonwealth’s attorney Doublas Baumgardner reported that county funds may be deposited in any bank or savings and loan institution in the state. Investment of surplus in certificates of deposit is not restricted to just banks in Rappahannock County, he emphasized.
According to Baumgardner. Virginia law says the treasurer is responsible for selecting a depository subject to approval by the local Finance Board, he county must have a finance board unless that body has been abolished by the board of supervisors, in which case the supervisors operate as the Finance Board, he said. “There is no requirement that the funds be put out on bid although I understand that it's a practice in several counties,” Baumgardner concluded.
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