                                 CODE OF VIRGINIA

INVESTMENT OF FUNDS IN CORPORATE NOTES (§ 2.2-4510)

A. Notwithstanding any provision of law to the contrary, the Commonwealth, all
public officers, municipal corporations, other political subdivisions and all
other public bodies of the Commonwealth may invest any and all moneys belonging
to them or within their control, other than sinking funds, in high quality
corporate notes with maturities of no more than five years that have received at
least two of the following ratings: (i) at least Aa by Moody&#8217;s Investors
Service, Inc.; (ii) at least AA by Standard and Poor&#8217;s; or (iii) at least
AA by Fitch Ratings, Inc.

B. Notwithstanding any provision of law to the contrary, any qualified public
entity of the Commonwealth may invest any and all moneys belonging to it or
within its control, other than sinking funds, in high quality corporate notes
that have received at least two of the following ratings: (i) at least A by
Moody&#8217;s Investors Service, Inc.; (ii) at least A by Standard and
Poor&#8217;s; or (iii) at least A by Fitch Ratings, Inc.
			As used in this section, &#8220;qualified public entity&#8221; means any
state agency or institution of the Commonwealth, having an internal or external
public funds manager with professional investment management capabilities.

C. Notwithstanding any provision of law to the contrary, the Department of the
Treasury may invest any and all moneys belonging to it or within its control,
other than sinking funds, in high quality corporate notes with a rating of at
least BBB or Baa2 by two rating agencies. One of the two qualifying ratings
shall be (i) at least Baa2 by Moody&#8217;s Investors Service, Inc.; (ii) at
least BBB by Standard and Poor&#8217;s; or (iii) at least BBB by Fitch Ratings,
Inc. With regard to investment securities rated below A, the Commonwealth
Treasury Board shall establish strict investment guidelines concerning the
investment in such securities and monitor the performance of the securities for
compliance with the investment guidelines.

HISTORY: 1987, c. 187, § 2.1-328.10; 1988, c. 834; 1994, c. 145; 2001, c. 844;
2002, cc. 18, 438; 2005, c. 30; 2020, c. 333.