2.2-4511 - Investment of funds in asset-backed securities. - Virginia Statutes

§ 2.2-4511. Investment of funds in asset-backed securities.

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 asset-backed securities witha duration of no more than five years and a rating of no less than AAA by tworating agencies, one of which must be either Moody's Investors Service, Inc.,or Standard and Poors, Inc.

As used in this section, "qualified public entity" means any state agency,institution of the Commonwealth or statewide authority created under the lawsof the Commonwealth having an internal or external public funds manager withprofessional investment management capabilities.

(1994, c. 145, § 2.1-328.13; 1997, c. 29; 2001, c. 844.)