23-38.74 - Virginia College Savings Bonds. - Virginia Statutes

§ 23-38.74. Virginia College Savings Bonds.

All or a portion of bonds issued by the Treasury Board pursuant to Article X,Section 9 (b) or 9 (c) of the Constitution of Virginia or issued by any stateagency, institution, or authority, pursuant to Article X, Section 9 (d) ofthe Constitution of Virginia, may be designated as Virginia College SavingsBonds as determined by the State Treasurer with the approval of the TreasuryBoard. A bond so designated, and any interest accruing thereon, shall bepayable in one payment at maturity on a fixed date. Such Virginia CollegeSavings Bonds shall mature not less than five years nor more than twentyyears from the date of issuance, unless the State Treasurer determinesotherwise. No college savings bonds shall be sold at a negotiated saleunless the underwriter or underwriters to which such bonds are sold (i) areorganized, incorporated, or have their principal place of business in theCommonwealth, or (ii) in the judgment of the State Treasurer, have sufficientcapability to make a broad distribution of such bonds to investors residingin the Commonwealth.

(1989, c. 60.)