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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>87182</law_id><section_number>2.2-4902</section_number><catch_line>Ratings of bonds issued by governmental instrumentalities</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Administration of State Government</unit><unit label="part" level="3" order_by="1" identifier="B">Transaction of Public Business</unit><unit label="chapter" level="4" order_by="1" identifier="49">Public Debt; Issuance of Bonds and Certificates of Indebtedness</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> As used in this section, unless the context requires a different meaning:
			&#x201C;<span class="dictionary">Bond</span>&#x201D; means any <span class="dictionary">bonds</span>, refunding <span class="dictionary">bonds</span>, notes, debentures, interim certificates, or any <span class="dictionary">bond</span>, grant, revenue anticipation notes or any other <span class="dictionary">evidences</span> of indebtedness, whether in temporary or definitive form and whether or not the interest thereon is exempt from federal taxation.
			&#x201C;<span class="dictionary">Governmental instrumentality</span>&#x201D; means each department, institution, commission, public corporate instrumentality, or agency of the Commonwealth, including the Commonwealth itself, and each political subdivision thereof, including but without limitation each public authority and district and each county, city or town and each instrumentality thereof which under <span class="dictionary">law</span> has the power to <span class="dictionary">issue</span> <span class="dictionary">bonds</span>. <a id="paragraph-312171" class="section-permalink" href="https://vacode.org/2.2-4902/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> Notwithstanding any provision contained in any general or special <span class="dictionary">law</span> or in any charter of any county, city or town of the Commonwealth, any rating of <span class="dictionary">bonds</span> issued by a <span class="dictionary">governmental instrumentality</span> shall be provided by a <span class="dictionary">bond</span> rating agency approved by the State Treasurer. <a id="paragraph-312172" class="section-permalink" href="https://vacode.org/2.2-4902/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> In addition to all of his other powers and duties, the State Treasurer shall prepare a list of approved <span class="dictionary">bond</span> rating agencies and upon request provide a copy thereof to all governmental instrumentalities. <a id="paragraph-312173" class="section-permalink" href="https://vacode.org/2.2-4902/#C"><i class="fa fa-link"/></a></p></section></text><history>1997, c. 381, &#xA7; 2.1-304.1:1; 2001, c. 844.</history><metadata></metadata></law>
