{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4515.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4515.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4515.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4515.html"}],"law_id":80678,"edition_id":1,"section_id":80678,"structure_id":13675,"section_number":"2.2-4515","catch_line":"Collateral and safekeeping arrangements","history":"1988, c. 834, \u00a7 2.1-329.01; 2001, c. 844; 2008, c. 184.","full_text":"Securities purchased pursuant to the provisions of this chapter shall be held by the public official, municipal corporation or other political subdivision or public body or its custodial agent who may not otherwise be a counterparty to the investment transaction. Securities held on the books of the custodial agent by a custodial agent shall be held in the name of the municipal corporation, political subdivision or other public body subject to the public body’s order of withdrawal. The responsibilities of the public official, municipal corporation, political subdivision or other public body shall be evidenced by a written agreement that shall provide for delivery of the securities by the custodial agent in the event of default by a counterparty to the investment transaction.\n\t\tAs used in this section, “counterparty” means the issuer or seller of a security, an agent purchasing a security on behalf of a public official, municipal corporation, political subdivision or other public body or the party responsible for repurchasing securities underlying a repurchase agreement.\n\t\tThe provisions of this section shall not apply to (i) investments with a maturity of less than 31 calendar days or (ii) the State Treasurer, who shall comply with safekeeping guidelines issued by the Treasury Board or to endowment funds invested in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act, Chapter 11 (\u00a7 64.2-1100 et seq.) of Title 64.2.","order_by":null,"text":{"0":{"id":289153,"text":"Securities purchased pursuant to the provisions of this chapter shall be held by the public official, municipal corporation or other political subdivision or public body or its custodial agent who may not otherwise be a counterparty to the investment transaction. Securities held on the books of the custodial agent by a custodial agent shall be held in the name of the municipal corporation, political subdivision or other public body subject to the public body’s order of withdrawal. The responsibilities of the public official, municipal corporation, political subdivision or other public body shall be evidenced by a written agreement that shall provide for delivery of the securities by the custodial agent in the event of default by a counterparty to the investment transaction.\n\t\tAs used in this section, “counterparty” means the issuer or seller of a security, an agent purchasing a security on behalf of a public official, municipal corporation, political subdivision or other public body or the party responsible for repurchasing securities underlying a repurchase agreement.\n\t\tThe provisions of this section shall not apply to (i) investments with a maturity of less than 31 calendar days or (ii) the State Treasurer, who shall comply with safekeeping guidelines issued by the Treasury Board or to endowment funds invested in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act, Chapter 11 (\u00a7 64.2-1100 et seq.) of Title 64.2.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4515\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 834 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 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 2001, chapter 844<\/a>; in 2008, chapter 184<\/a>.<\/p>","references":[{"id":66499,"section_number":"2.2-4518","catch_line":"Investment of funds in deposits","order_by":null,"url":"\/2.2-4518\/"}],"refers_to":[{"id":84375,"section_number":"64.2-1100","catch_line":"Definitions","order_by":null,"url":"\/64.2-1100\/"}],"permalink":{"id":177571,"object_type":"law","relational_id":80678,"identifier":"2.2-4515","token":"2.2\/II\/B\/45\/2.2-4515","url":"\/2.2-4515\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4515\/","token":"2.2\/II\/B\/45\/2.2-4515","dublin_core":{"Title":"Collateral and safekeeping arrangements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4515","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Securities purchased pursuant to the provisions of this chapter shall be held by the public official, municipal corporation or other political subdivision or public body or its custodial agent who may not otherwise be a counterparty<\/span> to the investment transaction. Securities held on the books of the custodial agent by a custodial agent shall be held in the name of the municipal corporation, political subdivision or other public body subject to the public body’s order<\/span> of withdrawal. The responsibilities of the public official, municipal corporation, political subdivision or other public body shall be evidenced by a written agreement that shall provide for delivery of the securities by the custodial agent in the event of default<\/span> by a counterparty<\/span> to the investment transaction.\n\t\tAs used in this section, “counterparty<\/span>” means the issuer or seller of a security, an agent purchasing a security on behalf of a public official, municipal corporation, political subdivision or other public body or the party<\/span> responsible for repurchasing securities underlying a repurchase agreement.\n\t\tThe provisions of this section shall not apply to (i) investments with a maturity of less than 31 calendar days or (ii) the State Treasurer, who shall comply with safekeeping guidelines issued by the Treasury Board or to endowment funds invested in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act, Chapter 11 (\u00a7 64.2-1100<\/a> et seq.) of Title 64.2.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOLLATERAL AND SAFEKEEPING ARRANGEMENTS (\u00a7 2.2-4515)\n\nSecurities purchased pursuant to the provisions of this chapter shall be held by\nthe public official, municipal corporation or other political subdivision or\npublic body or its custodial agent who may not otherwise be a counterparty to\nthe investment transaction. Securities held on the books of the custodial agent\nby a custodial agent shall be held in the name of the municipal corporation,\npolitical subdivision or other public body subject to the public body’s\norder of withdrawal. The responsibilities of the public official, municipal\ncorporation, political subdivision or other public body shall be evidenced by a\nwritten agreement that shall provide for delivery of the securities by the\ncustodial agent in the event of default by a counterparty to the investment\ntransaction.\n\t\tAs used in this section, “counterparty” means the issuer or seller\nof a security, an agent purchasing a security on behalf of a public official,\nmunicipal corporation, political subdivision or other public body or the party\nresponsible for repurchasing securities underlying a repurchase agreement.\n\t\tThe provisions of this section shall not apply to (i) investments with a\nmaturity of less than 31 calendar days or (ii) the State Treasurer, who shall\ncomply with safekeeping guidelines issued by the Treasury Board or to endowment\nfunds invested in accordance with the provisions of the Uniform Prudent\nManagement of Institutional Funds Act, Chapter 11 (\u00a7 64.2-1100 et seq.) of\nTitle 64.2.\n\nHISTORY: 1988, c. 834, \u00a7 2.1-329.01; 2001, c. 844; 2008, c. 184.","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}}