2.2-4902 - Ratings of bonds issued by governmental instrumentalities. - Virginia Statutes

§ 2.2-4902. Ratings of bonds issued by governmental instrumentalities.

A. As used in this section, unless the context requires a different meaning:

"Bond" means any bonds, refunding bonds, notes, debentures, interimcertificates, or any bond, grant, revenue anticipation notes or any otherevidences of indebtedness, whether in temporary or definitive form andwhether or not the interest thereon is exempt from federal taxation.

"Governmental instrumentality" means each department, institution,commission, public corporate instrumentality, or agency of the Commonwealth,including the Commonwealth itself, and each political subdivision thereof,including but without limitation each public authority and district and eachcounty, city or town and each instrumentality thereof which under law has thepower to issue bonds.

B. Notwithstanding any provision contained in any general or special law orin any charter of any county, city or town of the Commonwealth, any rating ofbonds issued by a governmental instrumentality shall be provided by a bondrating agency approved by the State Treasurer.

C. In addition to all of his other powers and duties, the State Treasurershall prepare a list of approved bond rating agencies and upon requestprovide a copy thereof to all governmental instrumentalities.

(1997, c. 381, § 2.1-304.1:1; 2001, c. 844.)