                                 CODE OF VIRGINIA

POWERS AND DUTIES OF TREASURY BOARD (§ 2.2-2416)

The Board shall have the power and duty to:

1. Exercise general supervision over all investments of state funds;

2. Give advice and supervision in the financing of state buildings and make
recommendations, as requested, to the Governor on methods by which capital
outlay requirements of the Commonwealth, including its agencies and
institutions, may be financed;

3. Control and manage all sinking funds and other funds in possession of the
Commonwealth in a fiduciary capacity;

4. Administer the Virginia Security for Public Deposits Act (&#xA7; 2.2-4400 et
seq.);

5. Make recommendations to the Governor, notwithstanding any provisions to the
contrary, on proposed bond issues or other financing arrangements; approve the
terms and structure of bonds or other financing arrangements executed by or for
the benefit of educational institutions and state agencies other than
independent state authorities or covered institutions as defined in &#xA7;
23.1-1000, including bonds, public-private partnerships, or other financing
arrangements executed by private foundations for housing or other capital
projects with respect to which an educational institution that is not a covered
institution as defined in &#xA7; 23.1-1000 is obligated to provide financial or
other types of support, and including bonds or other financing arrangements
secured by leases, lease purchase agreements, financing leases, capital leases,
or other similar agreements; and approve agreements relating to the sale of
bonds. Such recommendations to the Governor shall be reported to the Chairmen of
the Senate Committee on Finance and Appropriations and the House Committee on
Appropriations;

6. Take or cause to be taken and omit to take all actions as to any tax exempt
bonds for which it has issuing authority, either by statute or by act of the
General Assembly, the taking or omission of which is necessary on behalf of the
Commonwealth to prevent such bonds from being or becoming subject to federal
income taxation or being considered to be &#8220;arbitrage bonds&#8221; within
the meaning of federal tax laws, including compliance with the arbitrage rebate
provisions thereof;

7. Approve, notwithstanding any provisions to the contrary, the terms and
structure of bonds or other financing arrangements executed by or for the
benefit of state agencies, boards, and authorities where debt service payments
on such bonds or other financing arrangements are expected by such agency,
board, or authority to be made, in whole or in part, directly or indirectly,
from appropriations of the Commonwealth, including bonds or other financing
arrangements secured by leases, lease purchase agreements, financing leases,
capital leases or other similar agreements, and agreements relating to the sale
of bonds;

8. Establish debt structuring guidelines for bonds or other financing
arrangements executed by or for the benefit of all state agencies, institutions,
boards, and authorities where the debt service payments on such bonds or other
financing arrangements are expected to be made, in whole or in part, directly or
indirectly, from appropriations of the Commonwealth, in which guidelines the
Board may, in its sole discretion, include such items as it deems necessary and
appropriate, including, but not limited to, defining terms such as &#8220;terms
and structure&#8221; and &#8220;bonds and other financing arrangements&#8221;
and exempting from its review and approval pursuant to subdivision 5 or 7 (i)
specific bond issues and other financing arrangements, (ii) certain types or
classes of bond issues and other financing arrangements, and (iii) bond issues
and other financing arrangements that are below a stated dollar amount;

9. Do all acts and things necessary or convenient to efficiently carry out and
enforce the powers granted to and duties imposed on it by law, including
delegating to the State Treasurer or to a committee composed of not less than
three members of the Board such powers and duties, as it deems proper, to the
extent designated and permitted by the Board;

10. Exercise such other powers and perform such other duties conferred or
imposed upon it by law, including the local government investment pool
authorized by Chapter 46 (&#xA7; 2.2-4600 et seq.); and

11. Do all acts and things necessary or convenient to wind up the affairs of,
and protect the Commonwealth&#8217;s interests in, such matters that may survive
the termination of the State Education Assistance Authority, the Virginia
Student Assistance Authorities, and the Virginia Education Loan Authority.
Nothing herein shall be construed to amend, enhance, or otherwise alter such
commitments, security interests, guarantees, or other pledges entered into by
the State Education Assistance Authority, the Virginia Student Assistance
Authorities, and the Virginia Education Loan Authority, acting in their official
capacity and effective on or before March 31, 1997.

HISTORY: Code 1950, § 2-149.2; 1966, c. 677, § 2.1-179; 1979, c. 215; 1984, c.
720; 1987, cc. 210, 211, 242; 1988, c. 258; 1990, c. 712; 1991, c. 578; 1996,
cc. 636, 656; 1998, cc. 39, 784; 2001, c. 844; 2023, cc. 161, 162.