Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, and other political subdivisions and all other public bodies of the Commonwealth may invest any or all of the moneys belonging to them or within their control, other than sinking funds, in negotiable certificates of deposit and negotiable bank deposit notes of domestic banks and domestic offices of foreign banks:
1. With maturities not exceeding one year, that have received at least two of the following ratings: (i) at least A-1 by Standard & Poor's; (ii) at least P-1 by Moody's Investors Service, Inc.; or (iii) at least F1 by Fitch Ratings, Inc.; and
2. With maturities exceeding one year and not exceeding five years, that have received at least two of the following ratings: (i) at least AA by Standard & Poor's; (ii) at least Aa by Moody's Investors Service, Inc.; or (iii) at least AA by Fitch Ratings, Inc.
1998, cc. 20, 21, § 2.1-328.15; 2001, c. 844; 2020, c. 333.
Structure Code of Virginia
Title 2.2 - Administration of Government
Chapter 45 - Investment of Public Funds Act
§ 2.2-4500. Legal investments for public sinking funds
§ 2.2-4501. Legal investments for other public funds
§ 2.2-4503. Investments by Fairfax County finance director
§ 2.2-4506. Securities lending
§ 2.2-4507. Investment of funds in overnight, term and open repurchase agreements
§ 2.2-4508. Investment of certain public moneys in certain mutual funds
§ 2.2-4510. Investment of funds in corporate notes
§ 2.2-4511. Investment of funds in asset-backed securities
§ 2.2-4512. Investment of funds by State Treasurer in obligations of foreign sovereign governments
§ 2.2-4513. Investments by transportation commissions
§ 2.2-4513.1. Investment of funds in qualified investment pools
§ 2.2-4515. Collateral and safekeeping arrangements
§ 2.2-4516. Liability of treasurers or public depositors
§ 2.2-4517. Contracts on interest rates, currency, cash flow or on other basis