2.2-4601 - Findings and purpose. - Virginia Statutes

§ 2.2-4601. Findings and purpose.

A. The General Assembly finds that the public interest is served by maximumand prudent investment of public funds so that the need for taxes and otherpublic revenues is decreased commensurately with the earnings on suchinvestments. In selecting among avenues of investment, the highest rate ofreturn, consistent with safety and liquidity, shall be the objective.

B. The purpose of this chapter is to secure the maximum public benefit fromthe investment of public funds, and, in furtherance of such purposes to:

1. Establish and maintain a continuing statewide policy for the deposit andinvestment of public funds;

2. Establish a state-administered pool for the investment of local governmentfunds; and

3. Authorize treasurers or any other person collecting, disbursing, orotherwise handling public funds to invest such public funds either inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of this title or through thelocal government investment pool created by the chapter.

C. The General Assembly finds that the objectives of this chapter will bestbe obtained through improved money management, emphasizing the primaryrequirements of safety and liquidity and recognizing the different investmentobjectives of operating and permanent funds.

(1980, c. 538, § 2.1-234.2; 2001, c. 844.)