{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2417.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2417.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2417.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2417.html"}],"law_id":81943,"edition_id":1,"section_id":81943,"structure_id":14716,"section_number":"2.2-2417","catch_line":"Approval of financial terms of certain contracts; using agencies to procure certain financial services through Treasury Board","history":"1986, c. 280, \u00a7 2.1-179.2; 1987, c. 613; 1991, c. 578; 1994, c. 231; 2001, c. 844.","full_text":"A\n\nThe Board, or its designee, shall review and approve the financial terms of all contracts for the purchase or financing of the purchase by agencies, institutions, boards and authorities which receive appropriations from the Commonwealth, i.e., the using agencies, of personal property, including personal property to be affixed to realty, whether by lease-purchase, installment purchase or otherwise, where payment of the purchase price is deferred through installment payments, includes the payment of interest, or is otherwise financed by the seller, lessor, or third parties.B\n\nThe Board may specifically exempt from its review and approval specific purchases, and purchases below a stated amount, and may adopt regulations governing the financial terms of contracts, as described in subsection A, including but not limited to the authority to negotiate with a seller or lessor the public or private sale of securities, the security interest which may be granted to a seller or lessor, and the types and value of property which may be acquired under such contracts. Approval of the Board or its designee and compliance with regulations adopted pursuant to this section shall be required in addition to and notwithstanding any other provision of law pertaining to the review, approval or award of contracts by agencies and institutions of the Commonwealth.C\n\nNotwithstanding any of the foregoing and except as the Board shall direct and authorize otherwise, every using agency shall procure through the Board all contracts for the financing of the purchases described in subsection A or other financial services needed for the purpose of financing such purchases. The Board may acquire such financing services, including, but is not limited to employing financial advisors and private or public placement agents.D\n\nAn agency, institution, board, or authority which receives appropriations from the Commonwealth shall procure state agency energy efficiency projects under this section. State agency energy efficiency projects may include personal property, the installation or modification of an installation in a building, and professional, management, and other special services which are primarily intended to reduce energy consumption and demand, or allow the use of an alternative energy source, and which may contain integral control and measurement devices.","order_by":null,"text":{"0":{"id":293599,"text":"The Board, or its designee, shall review and approve the financial terms of all contracts for the purchase or financing of the purchase by agencies, institutions, boards and authorities which receive appropriations from the Commonwealth, i.e., the using agencies, of personal property, including personal property to be affixed to realty, whether by lease-purchase, installment purchase or otherwise, where payment of the purchase price is deferred through installment payments, includes the payment of interest, or is otherwise financed by the seller, lessor, or third parties.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":293600,"text":"The Board may specifically exempt from its review and approval specific purchases, and purchases below a stated amount, and may adopt regulations governing the financial terms of contracts, as described in subsection A, including but not limited to the authority to negotiate with a seller or lessor the public or private sale of securities, the security interest which may be granted to a seller or lessor, and the types and value of property which may be acquired under such contracts. Approval of the Board or its designee and compliance with regulations adopted pursuant to this section shall be required in addition to and notwithstanding any other provision of law pertaining to the review, approval or award of contracts by agencies and institutions of the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":293601,"text":"Notwithstanding any of the foregoing and except as the Board shall direct and authorize otherwise, every using agency shall procure through the Board all contracts for the financing of the purchases described in subsection A or other financial services needed for the purpose of financing such purchases. The Board may acquire such financing services, including, but is not limited to employing financial advisors and private or public placement agents.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":293602,"text":"An agency, institution, board, or authority which receives appropriations from the Commonwealth shall procure state agency energy efficiency projects under this section. State agency energy efficiency projects may include personal property, the installation or modification of an installation in a building, and professional, management, and other special services which are primarily intended to reduce energy consumption and demand, or allow the use of an alternative energy source, and which may contain integral control and measurement devices.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":14716,"edition_id":1,"name":"Treasury Board","identifier":"8","label":"article","depth":5,"order_by":1,"parent_id":12786,"metadata":{},"date_created":"2026-06-26 03:49:30","date_modified":"2026-06-26 03:49:30","permalink":{"id":175045,"object_type":"structure","relational_id":14716,"identifier":"8","token":"2.2\/I\/D\/24\/8","url":"\/2.2\/I\/D\/24\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12786,"edition_id":1,"name":"Boards","identifier":"24","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":174687,"object_type":"structure","relational_id":12786,"identifier":"24","token":"2.2\/I\/D\/24","url":"\/2.2\/I\/D\/24\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56392,"structure_id":14716,"section_number":"2.2-2415","catch_line":"Treasury Board membership; chairman; quorum; reimbursement for expenses","url":"\/2.2-2415\/","token":"2.2\/I\/D\/24\/8\/2.2-2415","metadata":false},{"id":82247,"structure_id":14716,"section_number":"2.2-2416","catch_line":"Powers and duties of Treasury Board","url":"\/2.2-2416\/","token":"2.2\/I\/D\/24\/8\/2.2-2416","metadata":false},{"id":81943,"structure_id":14716,"section_number":"2.2-2417","catch_line":"Approval of financial terms of certain contracts; using agencies to procure certain financial services through Treasury Board","url":"\/2.2-2417\/","token":"2.2\/I\/D\/24\/8\/2.2-2417","metadata":false},{"id":63891,"structure_id":14716,"section_number":"2.2-2418","catch_line":"Use of bond anticipation notes by the Treasury Board","url":"\/2.2-2418\/","token":"2.2\/I\/D\/24\/8\/2.2-2418","metadata":false},{"id":77981,"structure_id":14716,"section_number":"2.2-2419","catch_line":"Issuance of refunding bonds by the Treasury Board","url":"\/2.2-2419\/","token":"2.2\/I\/D\/24\/8\/2.2-2419","metadata":false},{"id":68721,"structure_id":14716,"section_number":"2.2-2420","catch_line":"Combined issuance of general obligation debt by the Treasury Board","url":"\/2.2-2420\/","token":"2.2\/I\/D\/24\/8\/2.2-2420","metadata":false}],"previous_section":{"id":82247,"structure_id":14716,"section_number":"2.2-2416","catch_line":"Powers and duties of Treasury Board","url":"\/2.2-2416\/","token":"2.2\/I\/D\/24\/8\/2.2-2416","metadata":false},"next_section":{"id":63891,"structure_id":14716,"section_number":"2.2-2418","catch_line":"Use of bond anticipation notes by the Treasury Board","url":"\/2.2-2418\/","token":"2.2\/I\/D\/24\/8\/2.2-2418","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2417\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 280 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1986 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1987, chapter 613; in 1991, chapter 578; in 1994, chapter 231<\/a>; in 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":175055,"object_type":"law","relational_id":81943,"identifier":"2.2-2417","token":"2.2\/I\/D\/24\/8\/2.2-2417","url":"\/2.2-2417\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2417\/","token":"2.2\/I\/D\/24\/8\/2.2-2417","dublin_core":{"Title":"Approval of financial terms of certain contracts; using agencies to procure certain financial services through Treasury Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2417","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board, or its designee, shall review and approve the financial terms of all contracts<\/span> for the purchase or financing of the purchase by agencies, institutions, boards and authorities which receive appropriations from the Commonwealth, i.e., the using agencies, of personal property, including personal property to be affixed to realty, whether by lease-purchase, installment purchase or otherwise, where payment of the purchase price is deferred through installment payments, includes the payment of interest, or is otherwise financed by the seller, lessor, or third parties. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board may specifically exempt from its review and approval specific purchases, and purchases below a stated amount, and may adopt regulations governing the financial terms of contracts<\/span>, as described in subsection A, including but not limited to the authority to negotiate with a seller or lessor the public or private sale of securities, the security interest which may be granted to a seller or lessor, and the types and value of property which may be acquired under such contracts<\/span>. Approval of the Board or its designee and compliance with regulations adopted pursuant to this section shall be required in addition to and notwithstanding any other provision of law<\/span> pertaining to the review, approval or award of contracts<\/span> by agencies and institutions of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding any of the foregoing and except as the Board shall direct and authorize otherwise, every using agency shall procure through the Board all contracts<\/span> for the financing of the purchases described in subsection A or other financial services needed for the purpose of financing such purchases. The Board may acquire such financing services, including, but is not limited to employing financial advisors and private or public placement agents. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> An agency, institution, board, or authority which receives appropriations from the Commonwealth shall procure state agency<\/span> energy efficiency projects under this section. State agency<\/span> energy efficiency projects may include personal property, the installation or modification of an installation in a building, and professional, management, and other special services which are primarily intended to reduce energy consumption and demand, or allow the use of an alternative energy source, and which may contain integral control and measurement devices. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPROVAL OF FINANCIAL TERMS OF CERTAIN CONTRACTS; USING AGENCIES TO PROCURE\nCERTAIN FINANCIAL SERVICES THROUGH TREASURY BOARD (\u00a7 2.2-2417)\n\nA. The Board, or its designee, shall review and approve the financial terms of\nall contracts for the purchase or financing of the purchase by agencies,\ninstitutions, boards and authorities which receive appropriations from the\nCommonwealth, i.e., the using agencies, of personal property, including personal\nproperty to be affixed to realty, whether by lease-purchase, installment\npurchase or otherwise, where payment of the purchase price is deferred through\ninstallment payments, includes the payment of interest, or is otherwise financed\nby the seller, lessor, or third parties.\n\nB. The Board may specifically exempt from its review and approval specific\npurchases, and purchases below a stated amount, and may adopt regulations\ngoverning the financial terms of contracts, as described in subsection A,\nincluding but not limited to the authority to negotiate with a seller or lessor\nthe public or private sale of securities, the security interest which may be\ngranted to a seller or lessor, and the types and value of property which may be\nacquired under such contracts. Approval of the Board or its designee and\ncompliance with regulations adopted pursuant to this section shall be required\nin addition to and notwithstanding any other provision of law pertaining to the\nreview, approval or award of contracts by agencies and institutions of the\nCommonwealth.\n\nC. Notwithstanding any of the foregoing and except as the Board shall direct and\nauthorize otherwise, every using agency shall procure through the Board all\ncontracts for the financing of the purchases described in subsection A or other\nfinancial services needed for the purpose of financing such purchases. The Board\nmay acquire such financing services, including, but is not limited to employing\nfinancial advisors and private or public placement agents.\n\nD. An agency, institution, board, or authority which receives appropriations\nfrom the Commonwealth shall procure state agency energy efficiency projects\nunder this section. State agency energy efficiency projects may include personal\nproperty, the installation or modification of an installation in a building, and\nprofessional, management, and other special services which are primarily\nintended to reduce energy consumption and demand, or allow the use of an\nalternative energy source, and which may contain integral control and\nmeasurement devices.\n\nHISTORY: 1986, c. 280, \u00a7 2.1-179.2; 1987, c. 613; 1991, c. 578; 1994, c. 231;\n2001, c. 844.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}