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facilities-related fund. It is stipulated that this money be spent only for the school purposes mentioned.
Frances Foster, County Treasurer, said responsibility for the stock and any decisions about it are solely her responsibility. William Omdoff Jr., president of the Treasurer’s Association of Virginia, verified that investment decisions are the sole responsibility of the local treasurer.
The Virginia School Board Association advised the schools repeatedly that treasurers’ can not sell or invest the funds without the approval of the school board or board of supervisors.
The Treasurers’ Association of Virginia asked the Attorney General’s Office for an opinion of the VSBA’s advice. James Hopper, Senior Assistant Attorney General, responded in September, 1996, summing up his opinion with, “a treasurer’s duties are prescribed by law and a treasurer may not surrender any of his powers to any other officer or escape his responsibilities by acting upon the advice or direction or other public officers.” He added, “ the treasurer is to make all decisions regarding the sale and reinvestment of such stock.”
The General Assembly has provided liability protection for local treasurers for three years.
It is not required that all stock be sold within three years, only that liability protection will expire then.
Foster said she plans to sell the stock in a block sale with Mentor Investment Group in Richmond without direction from any other local government body.
The commission for the sale will only be $.05 per share and the county will receive more for the stock this way, she said.
94.9%