                                 CODE OF VIRGINIA

FINDINGS AND PURPOSE (§ 2.2-4601)

A. The General Assembly finds that the public interest is served by maximum and
prudent investment of public funds so that the need for taxes and other public
revenues is decreased commensurately with the earnings on such investments. In
selecting among avenues of investment, the highest rate of return, consistent
with safety and liquidity, shall be the objective.

B. The purpose of this chapter is to secure the maximum public benefit from the
investment of public funds, and, in furtherance of such purposes to:

   1. Establish and maintain a continuing statewide policy for the deposit and
   investment of public funds;

   2. Establish a state-administered pool for the investment of local government
   funds; and

   3. Authorize treasurers or any other person collecting, disbursing, or
   otherwise handling public funds to invest such public funds either in
   accordance with Chapter 45 (&#xA7; 2.2-4500 et seq.) of this title or through
   the local government investment pool created by the chapter.

C. The General Assembly finds that the objectives of this chapter will best be
obtained through improved money management, emphasizing the primary requirements
of safety and liquidity and recognizing the different investment objectives of
operating and permanent funds.

HISTORY: 1980, c. 538, § 2.1-234.2; 2001, c. 844.