                                 CODE OF VIRGINIA

FINANCE BOARDS OR ALTERNATIVES THERETO TO MANAGE THE ASSETS OF TRUSTS OR
EQUIVALENT ARRANGEMENTS TO FUND POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS AND
PROVIDE ANNUAL REPORTS; EXEMPTION FROM PUBLIC PROCUREMENT ACT (§ 15.2-1548)

Except as otherwise provided herein, any finance board or any other person or
entity serving as an alternative thereto pursuant to § 15.2-1547 shall retain
the services of an investment manager, invest its funds in accordance with §
15.2-1549, maintain records of all of its proceedings, make such records
available for inspection by the public, invest the assets of the trust or
equivalent arrangement in accordance with the provisions of this article, and
provide the governing body that created it an annual report on the fund&#8217;s
performance and financial status. In lieu of any finance board or other person
or entity serving as an alternative thereto pursuant to § 15.2-1547 serving as
trustee, the investment manager may serve as trustee of the funds. The selection
of services related to the management, purchase, or sale of authorized
investments, including but not limited to actuarial services, shall not be
subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et
seq.).

HISTORY: 2007, c. 710.