{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4517.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4517.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4517.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4517.html"}],"law_id":54653,"edition_id":1,"section_id":54653,"structure_id":13675,"section_number":"2.2-4517","catch_line":"Contracts on interest rates, currency, cash flow or on other basis","history":"2002, c. 407.","full_text":"A\n\nAny state entity may enter into any contract or other arrangement that is determined to be necessary or appropriate to place the obligation or investment of the state entity, as represented by bonds or investments, in whole or in part, on the interest rate cash flow or other basis desired by the state entity. Such contract or other arrangement may include contracts providing for payments based on levels of, or changes in, interest rates. These contracts or arrangements may be entered into by the state entity in connection with, or incidental to, entering into, or maintaining any (i) agreement that secures bonds or (ii) investment, or contract providing for investment, otherwise authorized by law. These contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the state entity, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by a nationally recognized rating agency, and any other criteria as may be appropriate. The determinations referred to in this subsection may be made by the Treasury Board, the governing body of the state entity or any public funds manager with professional investment capabilities duly authorized by the Treasury Board or the governing body of any state entity authorized to issue such obligations to make such determinations.\n\t\t\tAs used in this section, “state entity” means the Commonwealth and all agencies, authorities, boards and institutions of the Commonwealth.B\n\nAny money set aside and pledged to secure payments of bonds or any of the contracts entered into pursuant to this section may be invested in accordance with this chapter and may be pledged to and used to service any of the contracts or other arrangements entered into pursuant to this section.","order_by":null,"text":{"0":{"id":200687,"text":"Any state entity may enter into any contract or other arrangement that is determined to be necessary or appropriate to place the obligation or investment of the state entity, as represented by bonds or investments, in whole or in part, on the interest rate cash flow or other basis desired by the state entity. Such contract or other arrangement may include contracts providing for payments based on levels of, or changes in, interest rates. These contracts or arrangements may be entered into by the state entity in connection with, or incidental to, entering into, or maintaining any (i) agreement that secures bonds or (ii) investment, or contract providing for investment, otherwise authorized by law. These contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the state entity, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by a nationally recognized rating agency, and any other criteria as may be appropriate. The determinations referred to in this subsection may be made by the Treasury Board, the governing body of the state entity or any public funds manager with professional investment capabilities duly authorized by the Treasury Board or the governing body of any state entity authorized to issue such obligations to make such determinations.\n\t\t\tAs used in this section, “state entity” means the Commonwealth and all agencies, authorities, boards and institutions of the Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":200688,"text":"Any money set aside and pledged to secure payments of bonds or any of the contracts entered into pursuant to this section may be invested in accordance with this chapter and may be pledged to and used to service any of the contracts or other arrangements entered into pursuant to this section.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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 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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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4517\/","history_text":"

This law was first created in 2002. The record of its establishment is cataloged in chapter 407<\/a> 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":177579,"object_type":"law","relational_id":54653,"identifier":"2.2-4517","token":"2.2\/II\/B\/45\/2.2-4517","url":"\/2.2-4517\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4517\/","token":"2.2\/II\/B\/45\/2.2-4517","dublin_core":{"Title":"Contracts on interest rates, currency, cash flow or on other basis","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4517","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any state entity<\/span> may enter into any contract<\/span> or other arrangement that is determined to be necessary or appropriate to place the obligation or investment of the state entity<\/span>, as represented by bonds<\/span> or investments, in whole or in part, on the interest rate cash flow or other basis desired by the state entity<\/span>. Such contract<\/span> or other arrangement may include contracts<\/span> providing for payments based on levels of, or changes in, interest rates. These contracts<\/span> or arrangements may be entered into by the state entity<\/span> in connection with, or incidental to, entering into, or maintaining any (i) agreement that secures bonds<\/span> or (ii) investment, or contract<\/span> providing for investment, otherwise authorized by law<\/span>. These contracts<\/span> and arrangements may contain such payment, security, default<\/span>, remedy, and other terms and conditions as determined by the state entity<\/span>, after giving due consideration to the creditworthiness of the counterparty or other obligated party<\/span>, including any rating by a nationally recognized rating agency, and any other criteria as may be appropriate. The determinations referred to in this subsection may be made by the Treasury Board, the governing body of the state entity<\/span> or any public funds manager with professional investment capabilities duly authorized by the Treasury Board or the governing body of any state entity<\/span> authorized to issue<\/span> such obligations to make such determinations.\n\t\t\tAs used in this section, “state entity<\/span>” means the Commonwealth and all agencies, authorities, boards and institutions of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any money set aside and pledged to secure payments of bonds<\/span> or any of the contracts<\/span> entered into pursuant to this section may be invested in accordance with this chapter and may be pledged to and used to service any of the contracts<\/span> or other arrangements entered into pursuant to this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONTRACTS ON INTEREST RATES, CURRENCY, CASH FLOW OR ON OTHER BASIS (\u00a7 2.2-4517)\n\nA. Any state entity may enter into any contract or other arrangement that is\ndetermined to be necessary or appropriate to place the obligation or investment\nof the state entity, as represented by bonds or investments, in whole or in\npart, on the interest rate cash flow or other basis desired by the state entity.\nSuch contract or other arrangement may include contracts providing for payments\nbased on levels of, or changes in, interest rates. These contracts or\narrangements may be entered into by the state entity in connection with, or\nincidental to, entering into, or maintaining any (i) agreement that secures\nbonds or (ii) investment, or contract providing for investment, otherwise\nauthorized by law. These contracts and arrangements may contain such payment,\nsecurity, default, remedy, and other terms and conditions as determined by the\nstate entity, after giving due consideration to the creditworthiness of the\ncounterparty or other obligated party, including any rating by a nationally\nrecognized rating agency, and any other criteria as may be appropriate. The\ndeterminations referred to in this subsection may be made by the Treasury Board,\nthe governing body of the state entity or any public funds manager with\nprofessional investment capabilities duly authorized by the Treasury Board or\nthe governing body of any state entity authorized to issue such obligations to\nmake such determinations.\n\t\t\tAs used in this section, “state entity” means the Commonwealth\nand all agencies, authorities, boards and institutions of the Commonwealth.\n\nB. Any money set aside and pledged to secure payments of bonds or any of the\ncontracts entered into pursuant to this section may be invested in accordance\nwith this chapter and may be pledged to and used to service any of the contracts\nor other arrangements entered into pursuant to this section.\n\nHISTORY: 2002, c. 407.","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}}