{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4500.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4500.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4500.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4500.html"}],"law_id":65575,"edition_id":1,"section_id":65575,"structure_id":13675,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","history":"1956, c. 184, \u00a7 2-297; 1958, c. 102; 1966, c. 677, \u00a7 2.1-327; 1970, c. 75; 1974, c. 288; 1986, c. 270; 1988, cc. 526, 834; 1996, cc. 77, 508; 2001, c. 844.","full_text":"The Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any sinking funds belonging to them or within their control in the following securities:\n\n1\n\nBonds, notes and other evidences of indebtedness of the Commonwealth, and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth.2\n\nBonds, notes and other obligations of the United States, and securities unconditionally guaranteed as to the payment of principal and interest by the United States, or any agency thereof. The evidences of indebtedness enumerated by this subdivision may be held directly, or in the form of repurchase agreements collateralized by such debt securities, or in the form of securities of any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such investment company or investment trust is limited to such evidences of indebtedness, or repurchase agreements collateralized by such debt securities, or securities of other such investment companies or investment trusts whose portfolios are so restricted.3\n\nBonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body of the Commonwealth upon which there is no default; provided, that such bonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body are either direct legal obligations of, or those unconditionally guaranteed as to the payment of principal and interest by the county, city, town, district, authority or other public body in question; and revenue bonds issued by agencies or authorities of the Commonwealth or its political subdivisions upon which there is no default.4\n\nBonds and other obligations issued, guaranteed or assumed by the International Bank for Reconstruction and Development, bonds and other obligations issued, guaranteed or assumed by the Asian Development Bank and bonds and other obligations issued, guaranteed or assumed by the African Development Bank.5\n\nSavings accounts or time deposits in any bank or savings institution within the Commonwealth provided the bank or savings institution is approved for the deposit of other funds of the Commonwealth or other political subdivision of the Commonwealth.","order_by":null,"text":{"0":{"id":238356,"text":"The Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any sinking funds belonging to them or within their control in the following securities:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":238357,"text":"Bonds, notes and other evidences of indebtedness of the Commonwealth, and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":238358,"text":"Bonds, notes and other obligations of the United States, and securities unconditionally guaranteed as to the payment of principal and interest by the United States, or any agency thereof. The evidences of indebtedness enumerated by this subdivision may be held directly, or in the form of repurchase agreements collateralized by such debt securities, or in the form of securities of any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such investment company or investment trust is limited to such evidences of indebtedness, or repurchase agreements collateralized by such debt securities, or securities of other such investment companies or investment trusts whose portfolios are so restricted.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":238359,"text":"Bonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body of the Commonwealth upon which there is no default; provided, that such bonds, notes and other evidences of indebtedness of any county, city, town, district, authority or other public body are either direct legal obligations of, or those unconditionally guaranteed as to the payment of principal and interest by the county, city, town, district, authority or other public body in question; and revenue bonds issued by agencies or authorities of the Commonwealth or its political subdivisions upon which there is no default.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":238360,"text":"Bonds and other obligations issued, guaranteed or assumed by the International Bank for Reconstruction and Development, bonds and other obligations issued, guaranteed or assumed by the Asian Development Bank and bonds and other obligations issued, guaranteed or assumed by the African Development Bank.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":238361,"text":"Savings accounts or time deposits in any bank or savings institution within the Commonwealth provided the bank or savings institution is approved for the deposit of other funds of the Commonwealth or other political subdivision of the Commonwealth.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4"}},"ancestry":[{"id":13675,"edition_id":1,"name":"Investment of Public Funds Act","identifier":"45","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 03:45:32","date_modified":"2026-06-26 03:45:32","permalink":{"id":177505,"object_type":"structure","relational_id":13675,"identifier":"45","token":"2.2\/II\/B\/45","url":"\/2.2\/II\/B\/45\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12751,"edition_id":1,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":1,"parent_id":12750,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176445,"object_type":"structure","relational_id":12751,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12750,"edition_id":1,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176253,"object_type":"structure","relational_id":12750,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","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":65575,"structure_id":13675,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","url":"\/2.2-4500\/","token":"2.2\/II\/B\/45\/2.2-4500","metadata":false},{"id":79828,"structure_id":13675,"section_number":"2.2-4501","catch_line":"Legal investments for other public funds","url":"\/2.2-4501\/","token":"2.2\/II\/B\/45\/2.2-4501","metadata":false},{"id":57079,"structure_id":13675,"section_number":"2.2-4502","catch_line":"Investment of funds of Commonwealth, political subdivisions, and public bodies in \"prime quality\" commercial paper","url":"\/2.2-4502\/","token":"2.2\/II\/B\/45\/2.2-4502","metadata":false},{"id":64306,"structure_id":13675,"section_number":"2.2-4503","catch_line":"Investments by Fairfax County finance director","url":"\/2.2-4503\/","token":"2.2\/II\/B\/45\/2.2-4503","metadata":false},{"id":58696,"structure_id":13675,"section_number":"2.2-4504","catch_line":"Investment of funds by the Commonwealth and political subdivisions in bankers' acceptances","url":"\/2.2-4504\/","token":"2.2\/II\/B\/45\/2.2-4504","metadata":false},{"id":71258,"structure_id":13675,"section_number":"2.2-4505","catch_line":"Investment in certificates representing ownership of treasury bond principal at maturity or its coupons for accrued periods","url":"\/2.2-4505\/","token":"2.2\/II\/B\/45\/2.2-4505","metadata":false},{"id":56721,"structure_id":13675,"section_number":"2.2-4506","catch_line":"Securities lending","url":"\/2.2-4506\/","token":"2.2\/II\/B\/45\/2.2-4506","metadata":false},{"id":72437,"structure_id":13675,"section_number":"2.2-4507","catch_line":"Investment of funds in overnight, term and open repurchase agreements","url":"\/2.2-4507\/","token":"2.2\/II\/B\/45\/2.2-4507","metadata":false},{"id":70891,"structure_id":13675,"section_number":"2.2-4508","catch_line":"Investment of certain public moneys in certain mutual funds","url":"\/2.2-4508\/","token":"2.2\/II\/B\/45\/2.2-4508","metadata":false},{"id":69750,"structure_id":13675,"section_number":"2.2-4509","catch_line":"Investment of funds in negotiable certificates of deposit and negotiable bank deposit notes","url":"\/2.2-4509\/","token":"2.2\/II\/B\/45\/2.2-4509","metadata":false},{"id":69105,"structure_id":13675,"section_number":"2.2-4510","catch_line":"Investment of funds in corporate notes","url":"\/2.2-4510\/","token":"2.2\/II\/B\/45\/2.2-4510","metadata":false},{"id":83850,"structure_id":13675,"section_number":"2.2-4511","catch_line":"Investment of funds in asset-backed securities","url":"\/2.2-4511\/","token":"2.2\/II\/B\/45\/2.2-4511","metadata":false},{"id":74665,"structure_id":13675,"section_number":"2.2-4512","catch_line":"Investment of funds by State Treasurer in obligations of foreign sovereign governments","url":"\/2.2-4512\/","token":"2.2\/II\/B\/45\/2.2-4512","metadata":false},{"id":69524,"structure_id":13675,"section_number":"2.2-4513","catch_line":"Investments by transportation commissions","url":"\/2.2-4513\/","token":"2.2\/II\/B\/45\/2.2-4513","metadata":false},{"id":55021,"structure_id":13675,"section_number":"2.2-4513.1","catch_line":"Investment of funds in qualified investment pools","url":"\/2.2-4513.1\/","token":"2.2\/II\/B\/45\/2.2-4513.1","metadata":false},{"id":87084,"structure_id":13675,"section_number":"2.2-4514","catch_line":"Commonwealth and its political subdivisions as trustee of public funds; standard of care in investing such funds","url":"\/2.2-4514\/","token":"2.2\/II\/B\/45\/2.2-4514","metadata":false},{"id":80678,"structure_id":13675,"section_number":"2.2-4515","catch_line":"Collateral and safekeeping arrangements","url":"\/2.2-4515\/","token":"2.2\/II\/B\/45\/2.2-4515","metadata":false},{"id":82442,"structure_id":13675,"section_number":"2.2-4516","catch_line":"Liability of treasurers or public depositors","url":"\/2.2-4516\/","token":"2.2\/II\/B\/45\/2.2-4516","metadata":false},{"id":54653,"structure_id":13675,"section_number":"2.2-4517","catch_line":"Contracts on interest rates, currency, cash flow or on other basis","url":"\/2.2-4517\/","token":"2.2\/II\/B\/45\/2.2-4517","metadata":false},{"id":66499,"structure_id":13675,"section_number":"2.2-4518","catch_line":"Investment of funds in deposits","url":"\/2.2-4518\/","token":"2.2\/II\/B\/45\/2.2-4518","metadata":false},{"id":82053,"structure_id":13675,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","url":"\/2.2-4519\/","token":"2.2\/II\/B\/45\/2.2-4519","metadata":false}],"next_section":{"id":79828,"structure_id":13675,"section_number":"2.2-4501","catch_line":"Legal investments for other public funds","url":"\/2.2-4501\/","token":"2.2\/II\/B\/45\/2.2-4501","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4500\/","history_text":"

This law was first created in 1956. The record of its establishment is cataloged in chapter 184 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 1956 \u201cActs\u201d aren\u2019t available online. It has been modified 8 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 1958, chapter 102; in 1966, chapter 677; in 1970, chapter 75; in 1974, chapter 288; in 1986, chapter 270; in 1988, chapters 526 and 834; in 1996, chapters 77<\/a> and 508<\/a>; in 2001, chapter 844<\/a>.<\/p>","references":[{"id":82231,"section_number":"15.2-1549","catch_line":"Investment of assets of trusts or equivalent arrangement for postemployment benefits other than pensions","order_by":null,"url":"\/15.2-1549\/"},{"id":65470,"section_number":"15.2-2116","catch_line":"Acquisition by county or city of water supply system or sewage system from sanitary district","order_by":null,"url":"\/15.2-2116\/"},{"id":65883,"section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","order_by":null,"url":"\/15.2-2619\/"},{"id":64166,"section_number":"15.2-2626","catch_line":"Contracts concerning interest rates, currency, cash flow or other basis","order_by":null,"url":"\/15.2-2626\/"},{"id":72993,"section_number":"15.2-4606","catch_line":"Powers and duties of commission","order_by":null,"url":"\/15.2-4606\/"},{"id":84888,"section_number":"15.2-5135","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","order_by":null,"url":"\/15.2-5135\/"},{"id":73153,"section_number":"15.2-5431.24","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","order_by":null,"url":"\/15.2-5431.24\/"},{"id":79805,"section_number":"15.2-7219","catch_line":"Contracts concerning interest rates and investments","order_by":null,"url":"\/15.2-7219\/"},{"id":57677,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","order_by":null,"url":"\/2.2-2203.4\/"},{"id":70891,"section_number":"2.2-4508","catch_line":"Investment of certain public moneys in certain mutual funds","order_by":null,"url":"\/2.2-4508\/"},{"id":62726,"section_number":"2.2-4601","catch_line":"Findings and purpose","order_by":null,"url":"\/2.2-4601\/"},{"id":76390,"section_number":"2.2-4602","catch_line":"Local government investment pool created","order_by":null,"url":"\/2.2-4602\/"},{"id":79752,"section_number":"23.1-1013","catch_line":"Covered institutions; operational authority; financial operations; investment of operating funds","order_by":null,"url":"\/23.1-1013\/"},{"id":69160,"section_number":"23.1-2408","catch_line":"Moneys of the Authority","order_by":null,"url":"\/23.1-2408\/"},{"id":55926,"section_number":"36-55.44","catch_line":"Deposit and investment of moneys of HDA","order_by":null,"url":"\/36-55.44\/"},{"id":66671,"section_number":"38.2-4904.1","catch_line":"Escrow of entrance fee to continuing care providers and others","order_by":null,"url":"\/38.2-4904.1\/"},{"id":70186,"section_number":"38.2-4922","catch_line":"Escrow of entrance fee to community-based continuing care providers and others","order_by":null,"url":"\/38.2-4922\/"},{"id":75463,"section_number":"45.2-2105","catch_line":" Establishment of the Consortium","order_by":null,"url":"\/45.2-2105\/"},{"id":71761,"section_number":"46.2-453","catch_line":"Proof of financial responsibility by delivering cash or securities","order_by":null,"url":"\/46.2-453\/"},{"id":70648,"section_number":"58.1-3177","catch_line":"Duties of the clerk; deposit of funds; investment of funds; failure to pay out","order_by":null,"url":"\/58.1-3177\/"},{"id":79408,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","order_by":null,"url":"\/62.1-129.2\/"},{"id":63701,"section_number":"8.01-582","catch_line":"Appointment of general receivers; their duties; audit of funds","order_by":null,"url":"\/8.01-582\/"},{"id":85240,"section_number":"8.01-600","catch_line":"How money under control of court deposited; record kept; liability of clerk","order_by":null,"url":"\/8.01-600\/"}],"refers_to":false,"permalink":{"id":177507,"object_type":"law","relational_id":65575,"identifier":"2.2-4500","token":"2.2\/II\/B\/45\/2.2-4500","url":"\/2.2-4500\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4500\/","token":"2.2\/II\/B\/45\/2.2-4500","dublin_core":{"Title":"Legal investments for public sinking funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4500","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any sinking funds belonging to them or within their control in the following securities:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Bonds<\/span>, notes and other evidences<\/span> of indebtedness of the Commonwealth, and securities unconditionally guaranteed as to the payment of principal and interest by the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Bonds<\/span>, notes and other obligations of the United States, and securities unconditionally guaranteed as to the payment of principal and interest by the United States, or any agency thereof. The evidences<\/span> of indebtedness enumerated by this subdivision may be held directly, or in the form of repurchase agreements collateralized by such debt securities, or in the form of securities of any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such investment company or investment trust is limited to such evidences<\/span> of indebtedness, or repurchase agreements collateralized by such debt securities, or securities of other such investment companies or investment trusts whose portfolios are so restricted. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Bonds<\/span>, notes and other evidences<\/span> of indebtedness of any county, city, town, district, authority or other public body of the Commonwealth upon which there is no default<\/span>; provided, that such bonds<\/span>, notes and other evidences<\/span> of indebtedness of any county, city, town, district, authority or other public body are either direct legal obligations of, or those unconditionally guaranteed as to the payment of principal and interest by the county, city, town, district, authority or other public body in question; and revenue bonds<\/span> issued by agencies or authorities of the Commonwealth or its political subdivisions upon which there is no default<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Bonds<\/span> and other obligations issued, guaranteed or assumed by the International Bank for Reconstruction and Development, bonds<\/span> and other obligations issued, guaranteed or assumed by the Asian Development Bank and bonds<\/span> and other obligations issued, guaranteed or assumed by the African Development Bank. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Savings accounts or time deposits in any bank or savings institution within the Commonwealth provided the bank or savings institution is approved for the deposit of other funds of the Commonwealth or other political subdivision of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLEGAL INVESTMENTS FOR PUBLIC SINKING FUNDS (\u00a7 2.2-4500)\n\nThe Commonwealth, all public officers, municipal corporations, other political\nsubdivisions and all other public bodies of the Commonwealth may invest any\nsinking funds belonging to them or within their control in the following\nsecurities:\n\n1. Bonds, notes and other evidences of indebtedness of the Commonwealth, and\nsecurities unconditionally guaranteed as to the payment of principal and\ninterest by the Commonwealth.\n\n2. Bonds, notes and other obligations of the United States, and securities\nunconditionally guaranteed as to the payment of principal and interest by the\nUnited States, or any agency thereof. The evidences of indebtedness enumerated\nby this subdivision may be held directly, or in the form of repurchase\nagreements collateralized by such debt securities, or in the form of securities\nof any open-end or closed-end management type investment company or investment\ntrust registered under the Investment Company Act of 1940, provided that the\nportfolio of such investment company or investment trust is limited to such\nevidences of indebtedness, or repurchase agreements collateralized by such debt\nsecurities, or securities of other such investment companies or investment\ntrusts whose portfolios are so restricted.\n\n3. Bonds, notes and other evidences of indebtedness of any county, city, town,\ndistrict, authority or other public body of the Commonwealth upon which there is\nno default; provided, that such bonds, notes and other evidences of indebtedness\nof any county, city, town, district, authority or other public body are either\ndirect legal obligations of, or those unconditionally guaranteed as to the\npayment of principal and interest by the county, city, town, district, authority\nor other public body in question; and revenue bonds issued by agencies or\nauthorities of the Commonwealth or its political subdivisions upon which there\nis no default.\n\n4. Bonds and other obligations issued, guaranteed or assumed by the\nInternational Bank for Reconstruction and Development, bonds and other\nobligations issued, guaranteed or assumed by the Asian Development Bank and\nbonds and other obligations issued, guaranteed or assumed by the African\nDevelopment Bank.\n\n5. Savings accounts or time deposits in any bank or savings institution within\nthe Commonwealth provided the bank or savings institution is approved for the\ndeposit of other funds of the Commonwealth or other political subdivision of the\nCommonwealth.\n\nHISTORY: 1956, c. 184, \u00a7 2-297; 1958, c. 102; 1966, c. 677, \u00a7 2.1-327; 1970,\nc. 75; 1974, c. 288; 1986, c. 270; 1988, cc. 526, 834; 1996, cc. 77, 508; 2001,\nc. 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}}