{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-4605.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-4605.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-4605.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-4605.html"}],"law_id":72238,"edition_id":1,"section_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","history":"1980, c. 538, \u00a7 2.1-234.7; 2001, c. 844.","full_text":"A\n\nThe Treasury Board shall have power to:1\n\nMake and adopt regulations necessary and proper for the efficient administration of the local government investment pool hereinafter created, including but not limited to:\n\t\t\t\ta. Specification of minimum amounts that may be deposited in the local government investment pool and minimum periods of time for which deposits shall be retained in such pool;\n\t\t\t\tb. Creation of a reserve for losses;\n\t\t\t\tc. Payment of administrative expenses from the earnings of such pool;\n\t\t\t\td. Distribution of the earnings in excess of such expenses, or allocation of losses, to the several participants in a manner that equitably reflects the differing amounts of their respective investments and the differing periods of time for which such amounts were in the custody of the pool; and\n\t\t\t\te. Procedures for the deposit and withdrawal of funds.2\n\nDevelop guidelines for the protection of the local government investment pool in the event of default in the payment of principal or interest or other income of any investment of such pool, such guidelines to include the following procedures:\n\t\t\t\ta. Instituting the proper proceedings to collect the matured principal or interest or other income;\n\t\t\t\tb. Accepting for exchange purposes refunding bonds or other evidences of indebtedness at appropriate interest rates;\n\t\t\t\tc. Making compromises, adjustments, or disposition of matured principal or interest or other income as considered advisable for the purpose of protecting the moneys invested;\n\t\t\t\td. Making compromises or adjustments as to future payments of principal or interest or other income considered advisable for the purpose of protecting the moneys invested.3\n\nFormulate policies for the investment and reinvestment of funds in the local government investment pool and the acquisition, retention, management, and disposition of investments of the investment pool.B\n\nThe Treasury Board may delegate the administrative aspects of operating under this chapter to the State Treasurer, subject to the regulations and guidelines adopted by the Treasury Board.C\n\nSuch regulations and guidelines may be adopted without complying with the Administrative Process Act (§ 2.2-4000 et seq.) provided that input is solicited from local officials handling public funds. Such input requires only that notice and an opportunity to submit written comments be given.","order_by":null,"text":{"0":{"id":260217,"text":"The Treasury Board shall have power to:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":260218,"text":"Make and adopt regulations necessary and proper for the efficient administration of the local government investment pool hereinafter created, including but not limited to:\n\t\t\t\ta. Specification of minimum amounts that may be deposited in the local government investment pool and minimum periods of time for which deposits shall be retained in such pool;\n\t\t\t\tb. Creation of a reserve for losses;\n\t\t\t\tc. Payment of administrative expenses from the earnings of such pool;\n\t\t\t\td. Distribution of the earnings in excess of such expenses, or allocation of losses, to the several participants in a manner that equitably reflects the differing amounts of their respective investments and the differing periods of time for which such amounts were in the custody of the pool; and\n\t\t\t\te. Procedures for the deposit and withdrawal of funds.","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":260219,"text":"Develop guidelines for the protection of the local government investment pool in the event of default in the payment of principal or interest or other income of any investment of such pool, such guidelines to include the following procedures:\n\t\t\t\ta. Instituting the proper proceedings to collect the matured principal or interest or other income;\n\t\t\t\tb. Accepting for exchange purposes refunding bonds or other evidences of indebtedness at appropriate interest rates;\n\t\t\t\tc. Making compromises, adjustments, or disposition of matured principal or interest or other income as considered advisable for the purpose of protecting the moneys invested;\n\t\t\t\td. Making compromises or adjustments as to future payments of principal or interest or other income considered advisable for the purpose of protecting the moneys invested.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":260220,"text":"Formulate policies for the investment and reinvestment of funds in the local government investment pool and the acquisition, retention, management, and disposition of investments of the investment pool.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":260221,"text":"The Treasury Board may delegate the administrative aspects of operating under this chapter to the State Treasurer, subject to the regulations and guidelines adopted by the Treasury Board.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":260222,"text":"Such regulations and guidelines may be adopted without complying with the Administrative Process Act (§ 2.2-4000 et seq.) provided that input is solicited from local officials handling public funds. Such input requires only that notice and an opportunity to submit written comments be given.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4605\/","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 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 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":[{"id":86911,"section_number":"2.2-4000","catch_line":"Short title; purpose","order_by":null,"url":"\/2.2-4000\/"}],"permalink":{"id":177613,"object_type":"law","relational_id":72238,"identifier":"2.2-4605","token":"2.2\/II\/B\/46\/2.2-4605","url":"\/2.2-4605\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-4605\/","token":"2.2\/II\/B\/46\/2.2-4605","dublin_core":{"Title":"Powers of Treasury Board relating to the administration of local government investment pool","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4605","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Treasury Board shall have power to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Make and adopt regulations necessary and proper for the efficient administration of the local government investment pool hereinafter created, including but not limited to:\n\t\t\t\ta. Specification of minimum amounts that may be deposited in the local government investment pool and minimum periods of time for which deposits shall be retained in such pool;\n\t\t\t\tb. Creation of a reserve for losses;\n\t\t\t\tc. Payment of administrative expenses from the earnings of such pool;\n\t\t\t\td. Distribution of the earnings in excess of such expenses, or allocation of losses, to the several participants in a manner that equitably reflects the differing amounts of their respective investments and the differing periods of time for which such amounts were in the custody<\/span> of the pool; and\n\t\t\t\te. Procedures for the deposit and withdrawal of funds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Develop guidelines for the protection of the local government investment pool in the event of default<\/span> in the payment of principal or interest or other income of any investment of such pool, such guidelines to include the following procedures:\n\t\t\t\ta. Instituting the proper proceedings to collect the matured principal or interest or other income;\n\t\t\t\tb. Accepting for exchange purposes refunding bonds<\/span> or other evidences<\/span> of indebtedness at appropriate interest rates;\n\t\t\t\tc. Making compromises, adjustments, or disposition<\/span> of matured principal or interest or other income as considered advisable for the purpose of protecting the moneys invested;\n\t\t\t\td. Making compromises or adjustments as to future payments of principal or interest or other income considered advisable for the purpose of protecting the moneys invested. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Formulate policies for the investment and reinvestment of funds in the local government investment pool and the acquisition, retention, management, and disposition<\/span> of investments of the investment pool. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Treasury Board may delegate the administrative aspects of operating under this chapter to the State Treasurer, subject to the regulations and guidelines adopted by the Treasury Board. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Such regulations and guidelines may be adopted without complying with the Administrative Process Act (§ 2.2-4000<\/a> et seq.) provided that input is solicited from local officials handling public funds. Such input requires only that notice and an opportunity to submit written comments be given. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF TREASURY BOARD RELATING TO THE ADMINISTRATION OF LOCAL GOVERNMENT\nINVESTMENT POOL (\u00a7 2.2-4605)\n\nA. The Treasury Board shall have power to:\n\n 1. Make and adopt regulations necessary and proper for the efficient\n administration of the local government investment pool hereinafter created,\n including but not limited to:\n \t\t\t\ta. Specification of minimum amounts that may be deposited in the local\n government investment pool and minimum periods of time for which deposits\n shall be retained in such pool;\n \t\t\t\tb. Creation of a reserve for losses;\n \t\t\t\tc. Payment of administrative expenses from the earnings of such pool;\n \t\t\t\td. Distribution of the earnings in excess of such expenses, or allocation\n of losses, to the several participants in a manner that equitably reflects the\n differing amounts of their respective investments and the differing periods of\n time for which such amounts were in the custody of the pool; and\n \t\t\t\te. Procedures for the deposit and withdrawal of funds.\n\n 2. Develop guidelines for the protection of the local government investment\n pool in the event of default in the payment of principal or interest or other\n income of any investment of such pool, such guidelines to include the\n following procedures:\n \t\t\t\ta. Instituting the proper proceedings to collect the matured principal or\n interest or other income;\n \t\t\t\tb. Accepting for exchange purposes refunding bonds or other evidences of\n indebtedness at appropriate interest rates;\n \t\t\t\tc. Making compromises, adjustments, or disposition of matured principal or\n interest or other income as considered advisable for the purpose of protecting\n the moneys invested;\n \t\t\t\td. Making compromises or adjustments as to future payments of principal or\n interest or other income considered advisable for the purpose of protecting\n the moneys invested.\n\n 3. Formulate policies for the investment and reinvestment of funds in the\n local government investment pool and the acquisition, retention, management,\n and disposition of investments of the investment pool.\n\nB. The Treasury Board may delegate the administrative aspects of operating under\nthis chapter to the State Treasurer, subject to the regulations and guidelines\nadopted by the Treasury Board.\n\nC. Such regulations and guidelines may be adopted without complying with the\nAdministrative Process Act (§ 2.2-4000 et seq.) provided that input is\nsolicited from local officials handling public funds. Such input requires only\nthat notice and an opportunity to submit written comments be given.\n\nHISTORY: 1980, c. 538, \u00a7 2.1-234.7; 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}}