2.2-4509 - Investment of funds in negotiable certificates of deposit and negotiable bank deposit notes. - Virginia Statutes

§ 2.2-4509. Investment of funds in negotiable certificates of deposit andnegotiable bank deposit notes.

Notwithstanding any provision of law to the contrary, the Commonwealth andall public officers, municipal corporations, and other political subdivisionsand all other public bodies of the Commonwealth may invest any or all of themoneys belonging to them or within their control, other than sinking funds,in negotiable certificates of deposit and negotiable bank deposit notes ofdomestic banks and domestic offices of foreign banks with a rating of atleast A-1 by Standard & Poor's and P-1 by Moody's Investor Service, Inc., formaturities of one year or less, and a rating of at least AA by Standard &Poor's and Aa by Moody's Investor Service, Inc., for maturities over one yearand not exceeding five years.

(1998, cc. 20, 21, § 2.1-328.15; 2001, c. 844.)