                                 CODE OF VIRGINIA

INVESTMENT OF FUNDS IN ASSET-BACKED SECURITIES (§ 2.2-4511)

A. For purposes of this section, &#8220;qualified public entity&#8221; means any
state agency, institution of the Commonwealth, or statewide authority created
under the laws of the Commonwealth having an internal or external public funds
manager with professional investment management capabilities.

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 asset-backed securities with a
duration of no more than five years (i) that are unconditionally guaranteed as
to payment of principal and interest by the United States or any agency thereof
or (ii) with a rating of at least AAA or Aaa by two rating agencies. One of the
two qualifying ratings shall be (a) at least Aaa by Moody&#8217;s Investors
Service, Inc.; (b) at least AAA by Standard and Poor&#8217;s; or (c) at least
AAA by Fitch Ratings, Inc.

HISTORY: 1994, c. 145, § 2.1-328.13; 1997, c. 29; 2001, c. 844; 2020, c. 333;
2024, cc. 65, 66.