2.2-4605 - Powers of Treasury Board relating to the administration of local government investment pool. - Virginia Statutes

§ 2.2-4605. Powers of Treasury Board relating to the administration of localgovernment investment pool.

A. The Treasury Board shall have power to:

1. Make and adopt regulations necessary and proper for the efficientadministration of the local government investment pool hereinafter created,including but not limited to:

a. Specification of minimum amounts that may be deposited in the localgovernment investment pool and minimum periods of time for which depositsshall be retained in such pool;

b. Creation of a reserve for losses;

c. Payment of administrative expenses from the earnings of such pool;

d. Distribution of the earnings in excess of such expenses, or allocation oflosses, to the several participants in a manner that equitably reflects thediffering amounts of their respective investments and the differing periodsof time for which such amounts were in the custody of the pool; and

e. Procedures for the deposit and withdrawal of funds.

2. Develop guidelines for the protection of the local government investmentpool in the event of default in the payment of principal or interest or otherincome of any investment of such pool, such guidelines to include thefollowing procedures:

a. Instituting the proper proceedings to collect the matured principal orinterest or other income;

b. Accepting for exchange purposes refunding bonds or other evidences ofindebtedness at appropriate interest rates;

c. Making compromises, adjustments, or disposition of matured principal orinterest or other income as considered advisable for the purpose ofprotecting the moneys invested;

d. Making compromises or adjustments as to future payments of principal orinterest or other income considered advisable for the purpose of protectingthe moneys invested.

3. Formulate policies for the investment and reinvestment of funds in thelocal government investment pool and the acquisition, retention, management,and disposition of investments of the investment pool.

B. The Treasury Board may delegate the administrative aspects of operatingunder this chapter to the State Treasurer, subject to the regulations andguidelines adopted by the Treasury Board.

C. Such regulations and guidelines may be adopted without complying with theAdministrative Process Act (§ 2.2-4000 et seq.) provided that input issolicited from local officials handling public funds. Such input requiresonly that notice and an opportunity to submit written comments be given.

(1980, c. 538, § 2.1-234.7; 2001, c. 844.)