{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-4509.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-4509.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-4509.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-4509.html"}],"law_id":353275,"edition_id":2,"section_id":353275,"structure_id":50579,"section_number":"2.2-4509","catch_line":"Investment of funds in negotiable certificates of deposit and negotiable bank deposit notes","history":"1998, cc. 20, 21, \u00a7 2.1-328.15; 2001, c. 844; 2020, c. 333.","full_text":"Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, and other political subdivisions and all other public bodies of the Commonwealth may invest any or all of the moneys belonging to them or within their control, other than sinking funds, in negotiable certificates of deposit and negotiable bank deposit notes of domestic banks and domestic offices of foreign banks:\n\n1\n\nWith maturities not exceeding one year, that have received at least two of the following ratings: (i) at least A-1 by Standard & Poor’s; (ii) at least P-1 by Moody’s Investors Service, Inc.; or (iii) at least F1 by Fitch Ratings, Inc.; and\n\n2\n\nWith maturities exceeding one year and not exceeding five years, that have received at least two of the following ratings: (i) at least AA by Standard & Poor’s; (ii) at least Aa by Moody’s Investors Service, Inc.; or (iii) at least AA by Fitch Ratings, Inc.\n\n","order_by":null,"text":{"0":{"id":1315905,"text":"Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, and other political subdivisions and all other public bodies of the Commonwealth may invest any or all of the moneys belonging to them or within their control, other than sinking funds, in negotiable certificates of deposit and negotiable bank deposit notes of domestic banks and domestic offices of foreign banks:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1315906,"text":"With maturities not exceeding one year, that have received at least two of the following ratings: (i) at least A-1 by Standard & Poor’s; (ii) at least P-1 by Moody’s Investors Service, Inc.; or (iii) at least F1 by Fitch Ratings, Inc.; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1315907,"text":"With maturities exceeding one year and not exceeding five years, that have received at least two of the following ratings: (i) at least AA by Standard & Poor’s; (ii) at least Aa by Moody’s Investors Service, Inc.; or (iii) at least AA by Fitch Ratings, Inc.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":50579,"edition_id":2,"name":"Investment of Public Funds Act","identifier":"45","label":"chapter","depth":4,"order_by":10,"parent_id":50539,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 02:29:35","date_modified":"2026-08-02 12:27:24","permalink":{"id":1404507,"object_type":"structure","relational_id":50579,"identifier":"45","token":"2.2\/II\/B\/45","url":"\/2.2\/II\/B\/45\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50539,"edition_id":2,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":2,"parent_id":50533,"metadata":{"child_laws":371,"child_structures":48},"date_created":"2026-08-02 02:28:57","date_modified":"2026-08-02 12:27:20","permalink":{"id":1403447,"object_type":"structure","relational_id":50539,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50533,"edition_id":2,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":50326,"metadata":{"child_laws":425,"child_structures":60},"date_created":"2026-08-02 02:28:53","date_modified":"2026-08-02 12:27:19","permalink":{"id":1403255,"object_type":"structure","relational_id":50533,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50326,"edition_id":2,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":3,"parent_id":null,"metadata":{"child_laws":1509,"child_structures":292},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398455,"object_type":"structure","relational_id":50326,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":353266,"structure_id":50579,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","url":"\/2.2-4500\/","token":"2.2\/II\/B\/45\/2.2-4500","metadata":false},{"id":353267,"structure_id":50579,"section_number":"2.2-4501","catch_line":"Legal investments for other public funds","url":"\/2.2-4501\/","token":"2.2\/II\/B\/45\/2.2-4501","metadata":false},{"id":353268,"structure_id":50579,"section_number":"2.2-4502","catch_line":"Investment of funds of Commonwealth, political subdivisions, and public bodies in \"prime quality\" commercial paper","url":"\/2.2-4502\/","token":"2.2\/II\/B\/45\/2.2-4502","metadata":false},{"id":353269,"structure_id":50579,"section_number":"2.2-4503","catch_line":"Investments by Fairfax County finance director","url":"\/2.2-4503\/","token":"2.2\/II\/B\/45\/2.2-4503","metadata":false},{"id":353270,"structure_id":50579,"section_number":"2.2-4504","catch_line":"Investment of funds by the Commonwealth and political subdivisions in bankers' acceptances","url":"\/2.2-4504\/","token":"2.2\/II\/B\/45\/2.2-4504","metadata":false},{"id":353271,"structure_id":50579,"section_number":"2.2-4505","catch_line":"Investment in certificates representing ownership of treasury bond principal at maturity or its coupons for accrued periods","url":"\/2.2-4505\/","token":"2.2\/II\/B\/45\/2.2-4505","metadata":false},{"id":353272,"structure_id":50579,"section_number":"2.2-4506","catch_line":"Securities lending","url":"\/2.2-4506\/","token":"2.2\/II\/B\/45\/2.2-4506","metadata":false},{"id":353273,"structure_id":50579,"section_number":"2.2-4507","catch_line":"Investment of funds in overnight, term and open repurchase agreements","url":"\/2.2-4507\/","token":"2.2\/II\/B\/45\/2.2-4507","metadata":false},{"id":353274,"structure_id":50579,"section_number":"2.2-4508","catch_line":"Investment of certain public moneys in certain mutual funds","url":"\/2.2-4508\/","token":"2.2\/II\/B\/45\/2.2-4508","metadata":false},{"id":353275,"structure_id":50579,"section_number":"2.2-4509","catch_line":"Investment of funds in negotiable certificates of deposit and negotiable bank deposit notes","url":"\/2.2-4509\/","token":"2.2\/II\/B\/45\/2.2-4509","metadata":false},{"id":353276,"structure_id":50579,"section_number":"2.2-4510","catch_line":"Investment of funds in corporate notes","url":"\/2.2-4510\/","token":"2.2\/II\/B\/45\/2.2-4510","metadata":false},{"id":353277,"structure_id":50579,"section_number":"2.2-4511","catch_line":"Investment of funds in asset-backed securities","url":"\/2.2-4511\/","token":"2.2\/II\/B\/45\/2.2-4511","metadata":false},{"id":353278,"structure_id":50579,"section_number":"2.2-4512","catch_line":"Investment of funds by State Treasurer in obligations of foreign sovereign governments","url":"\/2.2-4512\/","token":"2.2\/II\/B\/45\/2.2-4512","metadata":false},{"id":353280,"structure_id":50579,"section_number":"2.2-4513","catch_line":"Investments by transportation commissions","url":"\/2.2-4513\/","token":"2.2\/II\/B\/45\/2.2-4513","metadata":false},{"id":353279,"structure_id":50579,"section_number":"2.2-4513.1","catch_line":"Investment of funds in qualified investment pools","url":"\/2.2-4513.1\/","token":"2.2\/II\/B\/45\/2.2-4513.1","metadata":false},{"id":353281,"structure_id":50579,"section_number":"2.2-4514","catch_line":"Commonwealth and its political subdivisions as trustee of public funds; standard of care in investing such funds","url":"\/2.2-4514\/","token":"2.2\/II\/B\/45\/2.2-4514","metadata":false},{"id":353282,"structure_id":50579,"section_number":"2.2-4515","catch_line":"Collateral and safekeeping arrangements","url":"\/2.2-4515\/","token":"2.2\/II\/B\/45\/2.2-4515","metadata":false},{"id":353283,"structure_id":50579,"section_number":"2.2-4516","catch_line":"Liability of treasurers or public depositors","url":"\/2.2-4516\/","token":"2.2\/II\/B\/45\/2.2-4516","metadata":false},{"id":353284,"structure_id":50579,"section_number":"2.2-4517","catch_line":"Contracts on interest rates, currency, cash flow or on other basis","url":"\/2.2-4517\/","token":"2.2\/II\/B\/45\/2.2-4517","metadata":false},{"id":353285,"structure_id":50579,"section_number":"2.2-4518","catch_line":"Investment of funds in deposits","url":"\/2.2-4518\/","token":"2.2\/II\/B\/45\/2.2-4518","metadata":false},{"id":353286,"structure_id":50579,"section_number":"2.2-4519","catch_line":"Investment of funds by the Virginia Housing Development Authority and the Virginia Resources Authority","url":"\/2.2-4519\/","token":"2.2\/II\/B\/45\/2.2-4519","metadata":false}],"previous_section":{"id":353274,"structure_id":50579,"section_number":"2.2-4508","catch_line":"Investment of certain public moneys in certain mutual funds","url":"\/2.2-4508\/","token":"2.2\/II\/B\/45\/2.2-4508","metadata":false},"next_section":{"id":353276,"structure_id":50579,"section_number":"2.2-4510","catch_line":"Investment of funds in corporate notes","url":"\/2.2-4510\/","token":"2.2\/II\/B\/45\/2.2-4510","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4509\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapters 20<\/a> and 21<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2001, chapter 844<\/a>; in 2020, chapter 333<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1404545,"object_type":"law","relational_id":353275,"identifier":"2.2-4509","token":"2.2\/II\/B\/45\/2.2-4509","url":"\/2.2-4509\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-4509\/","token":"2.2\/II\/B\/45\/2.2-4509","dublin_core":{"Title":"Investment of funds in negotiable certificates of deposit and negotiable bank deposit notes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4509","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Notwithstanding any provision of law<\/span> to the contrary, the Commonwealth and all public officers, municipal corporations, and other political subdivisions and all other public bodies of the Commonwealth may invest any or all of the moneys belonging to them or within their control, other than sinking funds, in negotiable certificates of deposit and negotiable bank deposit notes of domestic banks and domestic offices of foreign banks:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> With maturities not exceeding one year, that have received at least two of the following ratings: (i) at least A-1 by Standard & Poor’s; (ii) at least P-1 by Moody’s Investors Service, Inc.; or (iii) at least F1 by Fitch Ratings, Inc.; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> With maturities exceeding one year and not exceeding five years, that have received at least two of the following ratings: (i) at least AA by Standard & Poor’s; (ii) at least Aa by Moody’s Investors Service, Inc.; or (iii) at least AA by Fitch Ratings, Inc. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF FUNDS IN NEGOTIABLE CERTIFICATES OF DEPOSIT AND NEGOTIABLE BANK\nDEPOSIT NOTES (\u00a7 2.2-4509)\n\nNotwithstanding any provision of law to the contrary, the Commonwealth and all\npublic officers, municipal corporations, and other political subdivisions and\nall other public bodies of the Commonwealth may invest any or all of the moneys\nbelonging to them or within their control, other than sinking funds, in\nnegotiable certificates of deposit and negotiable bank deposit notes of domestic\nbanks and domestic offices of foreign banks:\n\n1. With maturities not exceeding one year, that have received at least two of\nthe following ratings: (i) at least A-1 by Standard & Poor’s; (ii) at\nleast P-1 by Moody’s Investors Service, Inc.; or (iii) at least F1 by\nFitch Ratings, Inc.; and\n\n2. With maturities exceeding one year and not exceeding five years, that have\nreceived at least two of the following ratings: (i) at least AA by Standard\n& Poor’s; (ii) at least Aa by Moody’s Investors Service, Inc.;\nor (iii) at least AA by Fitch Ratings, Inc.\n\nHISTORY: 1998, cc. 20, 21, \u00a7 2.1-328.15; 2001, c. 844; 2020, c. 333.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}