2.2-4514 - Commonwealth and its political subdivisions as trustee of public funds; standard of care in investing such funds. - Virginia Statutes

§ 2.2-4514. Commonwealth and its political subdivisions as trustee of publicfunds; standard of care in investing such funds.

Public funds held by the Commonwealth, public officers, municipalcorporations, political subdivisions, and any other public body of theCommonwealth shall be held in trust for the citizens of the Commonwealth. Anyinvestment of such funds pursuant to the provisions of this chapter shall bemade solely in the interest of the citizens of the Commonwealth and with thecare, skill, prudence, and diligence under the circumstances then prevailingthat a prudent person acting in a like capacity and familiar with suchmatters would use in the conduct of an enterprise of a like character andwith like aims.

(1996, c. 437, § 2.1-328.14; 2001, c. 844.)