§ 2.2-4327. Preference for community reinvestment activities in contracts forinvestment of funds.
Notwithstanding any other provision of law, any county, town, or city that isauthorized to and has established affordable housing programs may provide byresolution that in determining the award of any contract for time deposits orinvestment of its funds, the treasurer or director of finance of such county,town, or city may consider, in addition to the typical criteria, theinvestment activities of qualifying institutions that enhance the supply of,or accessibility to, affordable housing within the jurisdiction, includingthe accessibility of such housing to employees of the county, town, or cityor employees of the local school board. No more than 50 percent of the fundsof the county, town, or city, calculated on the basis of the average dailybalance of the general fund during the previous fiscal year, may be depositedor invested by considering such investment activities as a factor in theaward of a contract. A qualifying institution shall meet the provisions ofthe Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.) and alllocal terms and conditions for security, liquidity and rate of return.
For the purposes of this section, affordable housing means the same as thatterm is defined in § 15.2-2201.
(1993, c. 937, § 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708; 2001, c.844; 2007, c. 681.)
§ 2.2-4327. Preference for community reinvestment activities in contracts forinvestment of funds.
Notwithstanding any other provision of law, any county, town, or city that isauthorized to and has established affordable housing programs may provide byresolution that in determining the award of any contract for time deposits orinvestment of its funds, the treasurer or director of finance of such county,town, or city may consider, in addition to the typical criteria, theinvestment activities of qualifying institutions that enhance the supply of,or accessibility to, affordable housing within the jurisdiction, includingthe accessibility of such housing to employees of the county, town, or cityor employees of the local school board. No more than 50 percent of the fundsof the county, town, or city, calculated on the basis of the average dailybalance of the general fund during the previous fiscal year, may be depositedor invested by considering such investment activities as a factor in theaward of a contract. A qualifying institution shall meet the provisions ofthe Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.) and alllocal terms and conditions for security, liquidity and rate of return.
For the purposes of this section, affordable housing means the same as thatterm is defined in § 15.2-2201.
(1993, c. 937, § 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708; 2001, c.844; 2007, c. 681.)
§ 2.2-4327. Preference for community reinvestment activities in contracts forinvestment of funds.
Notwithstanding any other provision of law, any county, town, or city that isauthorized to and has established affordable housing programs may provide byresolution that in determining the award of any contract for time deposits orinvestment of its funds, the treasurer or director of finance of such county,town, or city may consider, in addition to the typical criteria, theinvestment activities of qualifying institutions that enhance the supply of,or accessibility to, affordable housing within the jurisdiction, includingthe accessibility of such housing to employees of the county, town, or cityor employees of the local school board. No more than 50 percent of the fundsof the county, town, or city, calculated on the basis of the average dailybalance of the general fund during the previous fiscal year, may be depositedor invested by considering such investment activities as a factor in theaward of a contract. A qualifying institution shall meet the provisions ofthe Virginia Security for Public Deposits Act (§ 2.2-4400 et seq.) and alllocal terms and conditions for security, liquidity and rate of return.
For the purposes of this section, affordable housing means the same as thatterm is defined in § 15.2-2201.
(1993, c. 937, § 11-47.3; 1995, c. 206; 1997, c. 176; 1999, c. 708; 2001, c.844; 2007, c. 681.)
