{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4518.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4518.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4518.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4518.html"}],"law_id":66499,"edition_id":1,"section_id":66499,"structure_id":13675,"section_number":"2.2-4518","catch_line":"Investment of funds in deposits","history":"2008, c. 103; 2010, c. 33.","full_text":"A\n\nNotwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth, each referred to in this section as a “public entity,” may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions:1\n\nThe moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits;2\n\nThe selected bank or savings institution arranges for the deposit of the moneys in one or more federally insured banks or savings institutions wherever located, for the account of the public entity;3\n\nThe full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance;4\n\nThe selected bank or savings institution acts as custodian for the public entity with respect to each deposit issued for the public entity’s account; and5\n\nAt the same time that the public entity’s moneys are deposited, the selected bank or savings institution receives an amount of deposits from customers of other financial institutions wherever located equal to or greater than the amount of moneys invested by the public entity through the selected bank or savings institution.B\n\nAfter deposits are made in accordance with the conditions prescribed in subsection A, such deposits shall not be subject to the provisions of Chapter 44 (§ 2.2-4400 et seq.), § 2.2-4515, or any security or collateral requirements that may otherwise be applicable to the investment or deposit of public moneys by government investors.","order_by":null,"text":{"0":{"id":241318,"text":"Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth, each referred to in this section as a “public entity,” may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":241319,"text":"The moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":241320,"text":"The selected bank or savings institution arranges for the deposit of the moneys in one or more federally insured banks or savings institutions wherever located, for the account of the public entity;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":241321,"text":"The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":241322,"text":"The selected bank or savings institution acts as custodian for the public entity with respect to each deposit issued for the public entity’s account; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":241323,"text":"At the same time that the public entity’s moneys are deposited, the selected bank or savings institution receives an amount of deposits from customers of other financial institutions wherever located equal to or greater than the amount of moneys invested by the public entity through the selected bank or savings institution.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":241324,"text":"After deposits are made in accordance with the conditions prescribed in subsection A, such deposits shall not be subject to the provisions of Chapter 44 (§ 2.2-4400 et seq.), § 2.2-4515, or any security or collateral requirements that may otherwise be applicable to the investment or deposit of public moneys by government investors.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4518\/","history_text":"

This law was first created in 2008. The record of its establishment is cataloged in chapter 103<\/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. It has been modified 1 time. 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. That modification is as follows: in 2010, chapter 33<\/a>.<\/p>","references":false,"refers_to":[{"id":63923,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","order_by":null,"url":"\/2.2-4400\/"},{"id":80678,"section_number":"2.2-4515","catch_line":"Collateral and safekeeping arrangements","order_by":null,"url":"\/2.2-4515\/"}],"permalink":{"id":177583,"object_type":"law","relational_id":66499,"identifier":"2.2-4518","token":"2.2\/II\/B\/45\/2.2-4518","url":"\/2.2-4518\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4518\/","token":"2.2\/II\/B\/45\/2.2-4518","dublin_core":{"Title":"Investment of funds in deposits","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4518","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any provision of law<\/span> to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth, each referred to in this section as a “public entity,” may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The selected bank or savings institution arranges for the deposit of the moneys in one or more federally insured banks or savings institutions wherever located, for the account of the public entity; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The selected bank or savings institution acts as custodian for the public entity with respect to each deposit issued for the public entity’s account; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> At the same time that the public entity’s moneys are deposited, the selected bank or savings institution receives an amount of deposits from customers of other financial institutions wherever located equal to or greater than the amount of moneys invested by the public entity through the selected bank or savings institution. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> After deposits are made in accordance with the conditions prescribed in subsection A, such deposits shall not be subject to the provisions of Chapter 44 (§ 2.2-4400<\/a> et seq.), § 2.2-4515<\/a>, or any security or collateral<\/span> requirements that may otherwise be applicable to the investment or deposit of public moneys by government investors. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF FUNDS IN DEPOSITS (\u00a7 2.2-4518)\n\nA. Notwithstanding any provision of law to the contrary, the Commonwealth and\nall public officers, municipal corporations, other political subdivisions, and\nall other public bodies of the Commonwealth, each referred to in this section as\na “public entity,” may invest any or all of the moneys belonging to\nthem or within their control in accordance with the following conditions:\n\n 1. The moneys are initially invested through any federally insured bank or\n savings institution selected by the public entity that is qualified by the\n Virginia Treasury Board to accept public deposits;\n\n 2. The selected bank or savings institution arranges for the deposit of the\n moneys in one or more federally insured banks or savings institutions wherever\n located, for the account of the public entity;\n\n 3. The full amount of principal and any accrued interest of each such deposit\n is covered by federal deposit insurance;\n\n 4. The selected bank or savings institution acts as custodian for the public\n entity with respect to each deposit issued for the public entity’s\n account; and\n\n 5. At the same time that the public entity’s moneys are deposited, the\n selected bank or savings institution receives an amount of deposits from\n customers of other financial institutions wherever located equal to or greater\n than the amount of moneys invested by the public entity through the selected\n bank or savings institution.\n\nB. After deposits are made in accordance with the conditions prescribed in\nsubsection A, such deposits shall not be subject to the provisions of Chapter 44\n(§ 2.2-4400 et seq.), § 2.2-4515, or any security or collateral\nrequirements that may otherwise be applicable to the investment or deposit of\npublic moneys by government investors.\n\nHISTORY: 2008, c. 103; 2010, c. 33.","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}}