Notwithstanding any provision of law to the contrary, any qualified public entity of the Commonwealth may invest any and all moneys belonging to it or within its control, other than sinking funds, in asset-backed securities with a duration of no more than five years with a rating of at least AAA or Aaa by two rating agencies. One of the two qualifying ratings shall be (i) at least Aaa by Moody's Investors Service, Inc.; (ii) at least AAA by Standard and Poor's; or (iii) at least AAA by Fitch Ratings, Inc.
As used in this section, "qualified public entity" means any state agency, institution of the Commonwealth or statewide authority created under the laws of the Commonwealth having an internal or external public funds manager with professional investment management capabilities.
1994, c. 145, § 2.1-328.13; 1997, c. 29; 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