                                 CODE OF VIRGINIA

BONDS DEEMED NEGOTIABLE INSTRUMENTS; SALE OF BONDS BY TRUSTEES OF RETIREMENT
SYSTEM; BONDS MADE LEGAL INVESTMENTS (§ 22.1-161.8)

Bonds issued under the provisions of this chapter and purchased by the Board of
Trustees of the Virginia Retirement System shall be deemed negotiable
instruments under the laws of this Commonwealth. The Board of Trustees may, in
its discretion, sell any such bonds so purchased and held by it at such time or
times as to it may seem desirable in the management of the funds under its
control; and such bonds are hereby made securities in which all public officers
and bodies of this Commonwealth, and all counties, cities and towns and
municipal subdivisions, all insurance companies and associations, all savings
banks and savings institutions, including savings and loan associations, trust
companies, beneficial and benevolent associations, administrators, guardians,
executors, trustees and other fiduciaries in this Commonwealth may properly and
legally invest funds under their control.

HISTORY: 1995, c. 250.