                                 CODE OF VIRGINIA

INVESTMENT IN BONDS ISSUED BY AUTHORITIES (§ 15.2-6318)

The Commonwealth and all public officers, municipal corporations, political
subdivisions, and public bodies, all banks, bankers, trust companies, savings
banks and institutions, building and loan associations, savings and loan
associations, investment companies and other persons carrying on a banking
business, all insurance companies, except domestic life insurance companies, and
all fiduciaries may legally invest any sinking funds, moneys or other funds
belonging to them or within their control in any bonds or other obligations
issued by any such authority, and such bonds and other obligations shall be
authorized security for all public deposits and shall be fully negotiable in
this Commonwealth; it being the purpose of this chapter to authorize any
persons, firms, corporations, associations, political subdivisions, bodies and
officers, public or private, to use any funds owned or controlled by them,
including (but not limited to) sinking, insurance, investment, retirement,
compensation, pension funds, and funds held on deposit, for the purchase of any
such bonds or other obligations and that any such bonds or other obligations
shall be authorized security for all public deposits and shall be fully
negotiable in this Commonwealth.

HISTORY: Code 1950, § 15-956; 1954, c. 645; 1962, c. 623, § 15.1-1339; 1997,
c. 587.