{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4602.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4602.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4602.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4602.html"}],"law_id":76390,"edition_id":1,"section_id":76390,"structure_id":14263,"section_number":"2.2-4602","catch_line":"Local government investment pool created","history":"1980, c. 538, \u00a7 2.1-234.8; 1984, c. 320; 1988, c. 834; 2001, c. 844.","full_text":"A\n\nA local government investment pool is created, consisting of the aggregate of all funds from local officials handling public funds that are placed in the custody of the State Treasurer for investment and reinvestment as provided in this chapter.B\n\nThe Treasury Board or its designee shall administer the local government investment pool on behalf of the participating local officials subject to regulations and guidelines adopted by the Treasury Board.C\n\nThe Treasury Board or its designee shall invest moneys in the local government investment pool with the degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Specifically, the types of authorized investments for local government investment pool assets shall be limited to those set forth for local officials in Chapter 45 (§ 2.2-4500 et seq.) of this title.D\n\nA separate account for each participant in the fund shall be kept to record individual transactions and totals of all investments belonging to each participant. A monthly report showing the changes in investments made during the preceding month shall be furnished to each participant having a beneficial interest in the local government investment pool. Details of any investment transaction shall be furnished to any participant upon request.E\n\nThe Treasury Board or its designee shall administer and handle the accounts in the same manner as bond and sinking fund trust accounts.F\n\nThe principal and accrued income, and any part thereof, of each and every account maintained for a participant in the local government investment pool shall be subject to payment at any time from the local government investment pool upon request, subject to applicable regulations and guidelines. Accumulated income shall be remitted or credited to each participant at least quarterly.G\n\nExcept as provided in this section, all instruments of title of all investments of the local government investment pool shall remain in the custody of the State Treasurer. The State Treasurer may deposit with one or more fiscal agents or banks, those instruments of title he considers advisable, to be held in safekeeping by the agents or banks for collection of the principal and interest or other income, or of the proceeds of sale. The State Treasurer shall collect the principal and interest or other income from investments of the investment pool, the instruments of title to which are in his custody, when due and payable.","order_by":null,"text":{"0":{"id":274225,"text":"A local government investment pool is created, consisting of the aggregate of all funds from local officials handling public funds that are placed in the custody of the State Treasurer for investment and reinvestment as provided in this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":274226,"text":"The Treasury Board or its designee shall administer the local government investment pool on behalf of the participating local officials subject to regulations and guidelines adopted by the Treasury Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":274227,"text":"The Treasury Board or its designee shall invest moneys in the local government investment pool with the degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Specifically, the types of authorized investments for local government investment pool assets shall be limited to those set forth for local officials in Chapter 45 (§ 2.2-4500 et seq.) of this title.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":274228,"text":"A separate account for each participant in the fund shall be kept to record individual transactions and totals of all investments belonging to each participant. A monthly report showing the changes in investments made during the preceding month shall be furnished to each participant having a beneficial interest in the local government investment pool. Details of any investment transaction shall be furnished to any participant upon request.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":274229,"text":"The Treasury Board or its designee shall administer and handle the accounts in the same manner as bond and sinking fund trust accounts.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":274230,"text":"The principal and accrued income, and any part thereof, of each and every account maintained for a participant in the local government investment pool shall be subject to payment at any time from the local government investment pool upon request, subject to applicable regulations and guidelines. Accumulated income shall be remitted or credited to each participant at least quarterly.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":274231,"text":"Except as provided in this section, all instruments of title of all investments of the local government investment pool shall remain in the custody of the State Treasurer. The State Treasurer may deposit with one or more fiscal agents or banks, those instruments of title he considers advisable, to be held in safekeeping by the agents or banks for collection of the principal and interest or other income, or of the proceeds of sale. The State Treasurer shall collect the principal and interest or other income from investments of the investment pool, the instruments of title to which are in his custody, when due and payable.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":14263,"edition_id":1,"name":"Local Government Investment Pool Act","identifier":"46","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 03:47:31","date_modified":"2026-06-26 03:47:31","permalink":{"id":177591,"object_type":"structure","relational_id":14263,"identifier":"46","token":"2.2\/II\/B\/46","url":"\/2.2\/II\/B\/46\/","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":55511,"structure_id":14263,"section_number":"2.2-4600","catch_line":"Short title; definitions","url":"\/2.2-4600\/","token":"2.2\/II\/B\/46\/2.2-4600","metadata":false},{"id":62726,"structure_id":14263,"section_number":"2.2-4601","catch_line":"Findings and purpose","url":"\/2.2-4601\/","token":"2.2\/II\/B\/46\/2.2-4601","metadata":false},{"id":76390,"structure_id":14263,"section_number":"2.2-4602","catch_line":"Local government investment pool created","url":"\/2.2-4602\/","token":"2.2\/II\/B\/46\/2.2-4602","metadata":false},{"id":85480,"structure_id":14263,"section_number":"2.2-4603","catch_line":"Investment authority","url":"\/2.2-4603\/","token":"2.2\/II\/B\/46\/2.2-4603","metadata":false},{"id":73232,"structure_id":14263,"section_number":"2.2-4604","catch_line":"Interfund pooling for investment purposes","url":"\/2.2-4604\/","token":"2.2\/II\/B\/46\/2.2-4604","metadata":false},{"id":72238,"structure_id":14263,"section_number":"2.2-4605","catch_line":"Powers of Treasury Board relating to the administration of local government investment pool","url":"\/2.2-4605\/","token":"2.2\/II\/B\/46\/2.2-4605","metadata":false},{"id":70016,"structure_id":14263,"section_number":"2.2-4606","catch_line":"Chapter controlling over inconsistent laws; powers supplemental","url":"\/2.2-4606\/","token":"2.2\/II\/B\/46\/2.2-4606","metadata":false}],"previous_section":{"id":62726,"structure_id":14263,"section_number":"2.2-4601","catch_line":"Findings and purpose","url":"\/2.2-4601\/","token":"2.2\/II\/B\/46\/2.2-4601","metadata":false},"next_section":{"id":85480,"structure_id":14263,"section_number":"2.2-4603","catch_line":"Investment authority","url":"\/2.2-4603\/","token":"2.2\/II\/B\/46\/2.2-4603","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4602\/","history_text":"

This law was first created in 1980. The record of its establishment is cataloged in chapter 538 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 1980 \u201cActs\u201d aren\u2019t available online. It has been modified 3 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 1984, chapter 320; in 1988, chapter 834; in 2001, chapter 844<\/a>.<\/p>","references":[{"id":85480,"section_number":"2.2-4603","catch_line":"Investment authority","order_by":null,"url":"\/2.2-4603\/"}],"refers_to":[{"id":65575,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","order_by":null,"url":"\/2.2-4500\/"}],"permalink":{"id":177601,"object_type":"law","relational_id":76390,"identifier":"2.2-4602","token":"2.2\/II\/B\/46\/2.2-4602","url":"\/2.2-4602\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4602\/","token":"2.2\/II\/B\/46\/2.2-4602","dublin_core":{"Title":"Local government investment pool created","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4602","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A local government investment pool is created, consisting of the aggregate of all funds from local officials handling public funds that are placed in the custody<\/span> of the State Treasurer for investment and reinvestment as provided in this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Treasury Board or its designee shall administer the local government investment pool on behalf of the participating local officials subject to regulations and guidelines adopted by the Treasury Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Treasury Board or its designee shall invest moneys in the local government investment pool with the degree of judgment<\/span> and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Specifically, the types of authorized investments for local government investment pool assets<\/span> shall be limited to those set forth for local officials in Chapter 45 (§ 2.2-4500<\/a> et seq.) of this title. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A separate account for each participant in the fund shall be kept to record individual transactions and totals of all investments belonging to each participant. A monthly report showing the changes in investments made during the preceding month shall be furnished to each participant having a beneficial interest in the local government investment pool. Details of any investment transaction shall be furnished to any participant upon request. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Treasury Board or its designee shall administer and handle the accounts in the same manner as bond<\/span> and sinking fund trust accounts. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The principal and accrued income, and any part thereof, of each and every account maintained for a participant in the local government investment pool shall be subject to payment at any time from the local government investment pool upon request, subject to applicable regulations and guidelines. Accumulated income shall be remitted or credited to each participant at least quarterly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Except as provided in this section, all instruments of title of all investments of the local government investment pool shall remain in the custody<\/span> of the State Treasurer. The State Treasurer may deposit with one or more fiscal agents or banks, those instruments of title he considers advisable, to be held in safekeeping by the agents or banks for collection of the principal and interest or other income, or of the proceeds of sale. The State Treasurer shall collect the principal and interest or other income from investments of the investment pool, the instruments of title to which are in his custody<\/span>, when due and payable. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLOCAL GOVERNMENT INVESTMENT POOL CREATED (\u00a7 2.2-4602)\n\nA. A local government investment pool is created, consisting of the aggregate of\nall funds from local officials handling public funds that are placed in the\ncustody of the State Treasurer for investment and reinvestment as provided in\nthis chapter.\n\nB. The Treasury Board or its designee shall administer the local government\ninvestment pool on behalf of the participating local officials subject to\nregulations and guidelines adopted by the Treasury Board.\n\nC. The Treasury Board or its designee shall invest moneys in the local\ngovernment investment pool with the degree of judgment and care, under\ncircumstances then prevailing, which persons of prudence, discretion, and\nintelligence exercise in the management of their own affairs, not for\nspeculation, but for investment, considering the probable safety of their\ncapital as well as the probable income to be derived. Specifically, the types of\nauthorized investments for local government investment pool assets shall be\nlimited to those set forth for local officials in Chapter 45 (§ 2.2-4500 et\nseq.) of this title.\n\nD. A separate account for each participant in the fund shall be kept to record\nindividual transactions and totals of all investments belonging to each\nparticipant. A monthly report showing the changes in investments made during the\npreceding month shall be furnished to each participant having a beneficial\ninterest in the local government investment pool. Details of any investment\ntransaction shall be furnished to any participant upon request.\n\nE. The Treasury Board or its designee shall administer and handle the accounts\nin the same manner as bond and sinking fund trust accounts.\n\nF. The principal and accrued income, and any part thereof, of each and every\naccount maintained for a participant in the local government investment pool\nshall be subject to payment at any time from the local government investment\npool upon request, subject to applicable regulations and guidelines. Accumulated\nincome shall be remitted or credited to each participant at least quarterly.\n\nG. Except as provided in this section, all instruments of title of all\ninvestments of the local government investment pool shall remain in the custody\nof the State Treasurer. The State Treasurer may deposit with one or more fiscal\nagents or banks, those instruments of title he considers advisable, to be held\nin safekeeping by the agents or banks for collection of the principal and\ninterest or other income, or of the proceeds of sale. The State Treasurer shall\ncollect the principal and interest or other income from investments of the\ninvestment pool, the instruments of title to which are in his custody, when due\nand payable.\n\nHISTORY: 1980, c. 538, \u00a7 2.1-234.8; 1984, c. 320; 1988, c. 834; 2001, 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}}