                                 CODE OF VIRGINIA

POWERS OF THE TREASURY BOARD UNDER THIS CHAPTER (§ 2.2-4702)

The Treasury Board shall have power to:

1. Provide assistance to issuers in the management of and accounting for their
funds, including, without limitation, bond proceeds, reserves and sinking funds,
and the investment thereof, any portion of the investment earnings on which is
or may be subject to rebate to the federal government.

2. Manage, acquire, hold, trade and sell investment obligations, for and on
behalf of issuers or a pool or pools, and not for its own account, that are
authorized investments for issuer bond proceeds, reserves, sinking funds or
other funds, as the case may be.

3. Establish one or more pools of the issuer bond proceeds, reserves, sinking
funds or other funds that are placed in the custody of the State Treasurer for
investment and reinvestment in authorized investments.

4. Adopt regulations necessary and proper for the efficient administration of
the pools authorized by this chapter without complying with the Administrative
Process Act (&#xA7; 2.2-4000 et seq.), provided that notice and an opportunity
to submit written comments on such regulations be given to officials handling
public funds.

5. Formulate policies for the investment and reinvestment of funds under
management, including funds in the pool or pools, and the acquisition,
retention, management and disposition of investments.

6. Delegate the administration of this chapter to the State Treasurer, subject
to the regulations and guidelines adopted by the Treasury Board.

7. Retain employees and engage and enter into contracts with independent
investment managers, accountants, counsel, depository institutions and other
advisors and agents, as may be necessary or convenient.

8. Enter into contracts with issuers with respect to the performance of
investment services.

9. Charge issuers for the costs of its investment services and for its expenses.

10. Do any and all other acts and things necessary, appropriate or incidental in
carrying out the purposes of this chapter.

HISTORY: 1988, c. 498, § 2.1-234.9:3; 1990, c. 516; 2001, c. 844.