33.1-280 - Sale of bonds; bonds as legal investments. - Virginia Statutes

§ 33.1-280. Sale of bonds; bonds as legal investments.

The Board may sell such bonds in such manner and for such price as it maydetermine to be for the best interests of the Commonwealth, but no such saleshall be made at a price so low as to require the payment of interest on themoney received therefor at more than the maximum per centum per annumapproved by the Commonwealth Treasury Board with respect to such obligationsin accordance with § 2.2-2416 of the Code of Virginia, as amended, computedwith relation to the absolute maturity of the bonds in accordance withstandard tables of bond values, excluding, however, from such computationsthe amount of any premium to be paid on redemption for any bonds prior tomaturity.

All bonds heretofore or hereafter issued pursuant to the authority of thisarticle are hereby made securities in which all public officers and bodies ofthis Commonwealth and all political subdivisions thereof, all insurancecompanies and associations, all national banks and trust companies, andsavings institutions, including savings and loan associations, in theCommonwealth, and all executors, administrators, trustees, and otherfiduciaries, both individual or corporate, may properly and legally investfunds within their control.

(Code 1950, § 33-240; 1952, c. 485; 1958, c. 485; 1970, c. 322; 2000, cc.1019, 1044.)