A. As used in this section, unless the context requires a different meaning:
"Energy" means natural gas, heating oil, propane, diesel fuel, unleaded fuel, and any other energy source except electricity.
"Forward pricing mechanism" means either: (i) a contract or financial instrument that obligates a public body to buy or sell a specified quantity of energy at a future date at a set price or (ii) an option to buy or sell the contract or financial instrument.
B. Notwithstanding any other law to the contrary but subject to available appropriation, a public body may use forward pricing mechanisms for budget risk reduction.
C. Forward pricing mechanism transactions shall be made only under the following conditions:
1. The quantity of energy affected by the forward pricing mechanism shall not exceed the estimated energy use for the public body for the same period, which shall not exceed 48 months from the trade date of the transaction; and
2. A separate account shall be established for operational energy for each public body using a forward pricing mechanism.
D. Before exercising the authority under this section, the public body shall develop written policies and procedures governing the use of forward pricing mechanisms and disclosure of the same to the public.
E. Before exercising authority under subsection B, the public body shall establish an oversight process that provides for review of the public body's use of forward pricing mechanisms. The oversight process shall include internal or external audit reviews; annual reports to, and review by, an internal investment committee; and internal management control.
2012, cc. 204, 359.
Structure Code of Virginia
Title 2.2 - Administration of Government
Chapter 43 - Virginia Public Procurement Act
§ 2.2-4300. Short title; purpose; declaration of intent
§ 2.2-4302.1. Process for competitive sealed bidding
§ 2.2-4302.2. Process for competitive negotiation
§ 2.2-4303. (Effective until July 1, 2023) Methods of procurement
§ 2.2-4303. (Effective July 1, 2023) Methods of procurement
§ 2.2-4303.01. High-risk contracts; definition; review
§ 2.2-4303.1. Architectural and professional engineering term contracting; limitations
§ 2.2-4303.2. Job order contracting; limitations
§ 2.2-4304. Joint and cooperative procurement
§ 2.2-4305. Competitive procurement by localities on state-aid projects
§ 2.2-4308.1. Purchase of owner-controlled insurance in construction projects
§ 2.2-4309. Modification of the contract
§ 2.2-4310.1. Awards as a result of any authorized enhancement or remedial measure; requirements
§ 2.2-4310.2. Executive branch agency's goals for participation by small businesses; requirements
§ 2.2-4310.3. Fiscal data pertaining to certain enhancement or remedial measures
§ 2.2-4311. Employment discrimination by contractor prohibited; required contract provisions
§ 2.2-4312. Drug-free workplace to be maintained by contractor; required contract provisions
§ 2.2-4313. Petition for recycled goods and products; periodic review of procurement standards
§ 2.2-4315. Use of brand names
§ 2.2-4316. Comments concerning specifications
§ 2.2-4317. Prequalification generally; prequalification for construction
§ 2.2-4318. Negotiation with lowest responsible bidder
§ 2.2-4319. Cancellation, rejection of bids; waiver of informalities
§ 2.2-4320. Exclusion of insurance bids prohibited
§ 2.2-4321.2. Public works contracts; project labor agreements authorized
§ 2.2-4321.3. Payment of prevailing wage for work performed on public works contracts; penalty
§ 2.2-4322. Acceptance of bids submitted to the Department of Transportation
§ 2.2-4323. Purchase programs for recycled goods; agency responsibilities
§ 2.2-4323.1. Purchase of flags of the United States and the Commonwealth by public bodies
§ 2.2-4324. Preference for Virginia products with recycled content and for Virginia firms
§ 2.2-4325. Preference for Virginia coal used in state facilities
§ 2.2-4326. Preference for recycled paper and paper products used by state agencies
§ 2.2-4327. Preference for community reinvestment activities in contracts for investment of funds
§ 2.2-4328. Preference for local products and firms; applicability
§ 2.2-4328.1. Preference for energy-efficient and water-efficient goods
§ 2.2-4328.2. Purchase of personal protective equipment by state agencies
§ 2.2-4329.1. Energy forward pricing mechanisms
§ 2.2-4330. Withdrawal of bid due to error
§ 2.2-4331. Contract pricing arrangements
§ 2.2-4332. Workers' compensation requirements for construction contractors and subcontractors
§ 2.2-4333. Retainage on construction contracts
§ 2.2-4336. Bid bonds; construction contracts
§ 2.2-4337. Performance and payment bonds
§ 2.2-4338. Alternative forms of security
§ 2.2-4339. Bonds on other than construction contracts
§ 2.2-4340. Action on performance bond
§ 2.2-4340.1. Statute of limitations on construction contracts
§ 2.2-4340.2. Statute of limitations on architectural and engineering contracts
§ 2.2-4341. Actions on payment bonds; waiver of right to sue
§ 2.2-4342. Public inspection of certain records
§ 2.2-4343. Exemption from operation of chapter for certain transactions
§ 2.2-4343.1. Permitted contracts with certain religious organizations; purpose; limitations
§ 2.2-4344. Exemptions from competition for certain transactions
§ 2.2-4346. Other exemptions for certain transactions
§ 2.2-4349. Retainage to remain valid
§ 2.2-4350. Prompt payment of bills by state agencies
§ 2.2-4350.1. Prohibition on payment without an appropriation; prohibition on IOUs
§ 2.2-4351. Defect or impropriety in the invoice or goods and/or services received
§ 2.2-4352. Prompt payment of bills by localities
§ 2.2-4353. Date of postmark deemed to be date payment is made
§ 2.2-4354. (Effective until January 1, 2023) Payment clauses to be included in contracts
§ 2.2-4354. (Effective January 1, 2023) Payment clauses to be included in contracts
§ 2.2-4355. Interest penalty; exceptions
§ 2.2-4356. Comptroller to file annual report
§ 2.2-4358. Appeal of denial of withdrawal of bid
§ 2.2-4359. Determination of nonresponsibility
§ 2.2-4360. Protest of award or decision to award
§ 2.2-4361. Effect of appeal upon contract
§ 2.2-4362. Stay of award during protest
§ 2.2-4363. Contractual disputes
§ 2.2-4365. Administrative appeals procedure
§ 2.2-4366. Alternative dispute resolution
§ 2.2-4369. Proscribed participation by public employees in procurement transactions
§ 2.2-4370. Disclosure of subsequent employment
§ 2.2-4373. Participation in bid preparation; limitation on submitting bid for same procurement
§ 2.2-4374. Purchase of building materials, etc., from architect or engineer prohibited
§ 2.2-4375. Certification of compliance required; penalty for false statements
§ 2.2-4376. Misrepresentations prohibited
§ 2.2-4376.1. Contributions and gifts; prohibition during procurement process