Public funds held by the Commonwealth, public officers, municipal corporations, political subdivisions, and any other public body of the Commonwealth shall be held in trust for the citizens of the Commonwealth. Any investment of such funds pursuant to the provisions of this chapter shall be made solely in the interest of the citizens of the Commonwealth and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
1996, c. 437, § 2.1-328.14; 2001, c. 844.
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