§ 2.2-4500. Legal investments for public sinking funds.
The Commonwealth, all public officers, municipal corporations, otherpolitical subdivisions and all other public bodies of the Commonwealth mayinvest any sinking funds belonging to them or within their control in thefollowing securities:
1. Bonds, notes and other evidences of indebtedness of the Commonwealth, andsecurities unconditionally guaranteed as to the payment of principal andinterest by the Commonwealth.
2. Bonds, notes and other obligations of the United States, and securitiesunconditionally guaranteed as to the payment of principal and interest by theUnited States, or any agency thereof. The evidences of indebtednessenumerated by this subdivision may be held directly, or in the form ofrepurchase agreements collateralized by such debt securities, or in the formof securities of any open-end or closed-end management type investmentcompany or investment trust registered under the Investment Company Act of1940, provided that the portfolio of such investment company or investmenttrust is limited to such evidences of indebtedness, or repurchase agreementscollateralized by such debt securities, or securities of other suchinvestment companies or investment trusts whose portfolios are so restricted.
3. Bonds, notes and other evidences of indebtedness of any county, city,town, district, authority or other public body of the Commonwealth upon whichthere is no default; provided, that such bonds, notes and other evidences ofindebtedness of any county, city, town, district, authority or other publicbody are either direct legal obligations of, or those unconditionallyguaranteed as to the payment of principal and interest by the county, city,town, district, authority or other public body in question; and revenue bondsissued by agencies or authorities of the Commonwealth or its politicalsubdivisions upon which there is no default.
4. Bonds and other obligations issued, guaranteed or assumed by theInternational Bank for Reconstruction and Development, bonds and otherobligations issued, guaranteed or assumed by the Asian Development Bank andbonds and other obligations issued, guaranteed or assumed by the AfricanDevelopment Bank.
5. Savings accounts or time deposits in any bank or savings institutionwithin the Commonwealth provided the bank or savings institution is approvedfor the deposit of other funds of the Commonwealth or other politicalsubdivision of the Commonwealth.
(1956, c. 184, § 2-297; 1958, c. 102; 1966, c. 677, § 2.1-327; 1970, c. 75;1974, c. 288; 1986, c. 270; 1988, cc. 526, 834; 1996, cc. 77, 508; 2001, c.844.)
§ 2.2-4500. Legal investments for public sinking funds.
The Commonwealth, all public officers, municipal corporations, otherpolitical subdivisions and all other public bodies of the Commonwealth mayinvest any sinking funds belonging to them or within their control in thefollowing securities:
1. Bonds, notes and other evidences of indebtedness of the Commonwealth, andsecurities unconditionally guaranteed as to the payment of principal andinterest by the Commonwealth.
2. Bonds, notes and other obligations of the United States, and securitiesunconditionally guaranteed as to the payment of principal and interest by theUnited States, or any agency thereof. The evidences of indebtednessenumerated by this subdivision may be held directly, or in the form ofrepurchase agreements collateralized by such debt securities, or in the formof securities of any open-end or closed-end management type investmentcompany or investment trust registered under the Investment Company Act of1940, provided that the portfolio of such investment company or investmenttrust is limited to such evidences of indebtedness, or repurchase agreementscollateralized by such debt securities, or securities of other suchinvestment companies or investment trusts whose portfolios are so restricted.
3. Bonds, notes and other evidences of indebtedness of any county, city,town, district, authority or other public body of the Commonwealth upon whichthere is no default; provided, that such bonds, notes and other evidences ofindebtedness of any county, city, town, district, authority or other publicbody are either direct legal obligations of, or those unconditionallyguaranteed as to the payment of principal and interest by the county, city,town, district, authority or other public body in question; and revenue bondsissued by agencies or authorities of the Commonwealth or its politicalsubdivisions upon which there is no default.
4. Bonds and other obligations issued, guaranteed or assumed by theInternational Bank for Reconstruction and Development, bonds and otherobligations issued, guaranteed or assumed by the Asian Development Bank andbonds and other obligations issued, guaranteed or assumed by the AfricanDevelopment Bank.
5. Savings accounts or time deposits in any bank or savings institutionwithin the Commonwealth provided the bank or savings institution is approvedfor the deposit of other funds of the Commonwealth or other politicalsubdivision of the Commonwealth.
(1956, c. 184, § 2-297; 1958, c. 102; 1966, c. 677, § 2.1-327; 1970, c. 75;1974, c. 288; 1986, c. 270; 1988, cc. 526, 834; 1996, cc. 77, 508; 2001, c.844.)
§ 2.2-4500. Legal investments for public sinking funds.
The Commonwealth, all public officers, municipal corporations, otherpolitical subdivisions and all other public bodies of the Commonwealth mayinvest any sinking funds belonging to them or within their control in thefollowing securities:
1. Bonds, notes and other evidences of indebtedness of the Commonwealth, andsecurities unconditionally guaranteed as to the payment of principal andinterest by the Commonwealth.
2. Bonds, notes and other obligations of the United States, and securitiesunconditionally guaranteed as to the payment of principal and interest by theUnited States, or any agency thereof. The evidences of indebtednessenumerated by this subdivision may be held directly, or in the form ofrepurchase agreements collateralized by such debt securities, or in the formof securities of any open-end or closed-end management type investmentcompany or investment trust registered under the Investment Company Act of1940, provided that the portfolio of such investment company or investmenttrust is limited to such evidences of indebtedness, or repurchase agreementscollateralized by such debt securities, or securities of other suchinvestment companies or investment trusts whose portfolios are so restricted.
3. Bonds, notes and other evidences of indebtedness of any county, city,town, district, authority or other public body of the Commonwealth upon whichthere is no default; provided, that such bonds, notes and other evidences ofindebtedness of any county, city, town, district, authority or other publicbody are either direct legal obligations of, or those unconditionallyguaranteed as to the payment of principal and interest by the county, city,town, district, authority or other public body in question; and revenue bondsissued by agencies or authorities of the Commonwealth or its politicalsubdivisions upon which there is no default.
4. Bonds and other obligations issued, guaranteed or assumed by theInternational Bank for Reconstruction and Development, bonds and otherobligations issued, guaranteed or assumed by the Asian Development Bank andbonds and other obligations issued, guaranteed or assumed by the AfricanDevelopment Bank.
5. Savings accounts or time deposits in any bank or savings institutionwithin the Commonwealth provided the bank or savings institution is approvedfor the deposit of other funds of the Commonwealth or other politicalsubdivision of the Commonwealth.
(1956, c. 184, § 2-297; 1958, c. 102; 1966, c. 677, § 2.1-327; 1970, c. 75;1974, c. 288; 1986, c. 270; 1988, cc. 526, 834; 1996, cc. 77, 508; 2001, c.844.)
