                                 CODE OF VIRGINIA

INVESTMENT OF FUNDS IN NEGOTIABLE CERTIFICATES OF DEPOSIT AND NEGOTIABLE BANK
DEPOSIT NOTES (§ 2.2-4509)

Notwithstanding any provision of law to the contrary, the Commonwealth and all
public officers, municipal corporations, and other political subdivisions and
all other public bodies of the Commonwealth may invest any or all of the moneys
belonging to them or within their control, other than sinking funds, in
negotiable certificates of deposit and negotiable bank deposit notes of domestic
banks and domestic offices of foreign banks:

1. With maturities not exceeding one year, that have received at least two of
the following ratings: (i) at least A-1 by Standard &amp; Poor&#8217;s; (ii) at
least P-1 by Moody&#8217;s Investors Service, Inc.; or (iii) at least F1 by
Fitch Ratings, Inc.; and

2. With maturities exceeding one year and not exceeding five years, that have
received at least two of the following ratings: (i) at least AA by Standard
&amp; Poor&#8217;s; (ii) at least Aa by Moody&#8217;s Investors Service, Inc.;
or (iii) at least AA by Fitch Ratings, Inc.

HISTORY: 1998, cc. 20, 21, § 2.1-328.15; 2001, c. 844; 2020, c. 333.