2.2-4508 - Investment of certain public moneys in certain mutual funds. - Virginia Statutes

§ 2.2-4508. Investment of certain public moneys in certain mutual funds.

Notwithstanding any provision of law to the contrary, the Commonwealth, allpublic officers, municipal corporations, other political subdivisions and allother public bodies of the Commonwealth may invest any and all moneysbelonging to them or within their control, other than sinking funds that aregoverned by the provisions of § 2.2-4500, in one or more open-end investmentfunds, provided that the funds are registered under the Securities Act (§13.1-501 et seq.) of the Commonwealth or the Federal Investment Co. Act of1940, and that the investments by such funds are restricted to investmentsotherwise permitted by law for political subdivisions as set forth in thischapter, or investments in other such funds whose portfolios are sorestricted.

(1986, c. 170, § 2.1-328.9; 1988, c. 834; 1996, c. 508; 2001, c. 844.)