2.2-4510 - Investment of funds in corporate notes. - Virginia Statutes

§ 2.2-4510. Investment of funds in corporate notes.

A. Notwithstanding any provision of law to the contrary, the Commonwealth,all public officers, municipal corporations, other political subdivisions andall other public bodies of the Commonwealth may invest any and all moneysbelonging to them or within their control, other than sinking funds, in highquality corporate notes with a rating of at least Aa by Moody's InvestorsService, Inc., and a rating of at least AA by Standard and Poors, Inc., and amaturity of no more than five years.

B. Notwithstanding any provision of law to the contrary, any qualified publicentity of the Commonwealth may invest any and all moneys belonging to it orwithin its control, other than sinking funds, in high quality corporate noteswith a rating of at least A by two rating agencies, one of which shall beeither Moody's Investors Service, Inc., or Standard and Poors, Inc.

As used in this section, "qualified public entity" means any state agencyor institution of the Commonwealth, having an internal or external publicfunds manager with professional investment management capabilities.

C. Notwithstanding any provision of law to the contrary, the Department ofthe Treasury may invest any and all moneys belonging to it or within itscontrol, other than sinking funds, in high quality corporate notes with arating of at least BBB or Baa2 by two rating agencies, one of which shall beMoody's Investors Service, Inc., or Standard and Poors, Inc. With regard toinvestment securities rated below A, the Commonwealth Treasury Board shallestablish strict investment guidelines concerning the investment in suchsecurities and monitor the performance of the securities for compliance withthe investment guidelines.

(1987, c. 187, § 2.1-328.10; 1988, c. 834; 1994, c. 145; 2001, c. 844; 2002,cc. 18, 438; 2005, c. 30.)