{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-4510.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-4510.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-4510.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-4510.html"}],"law_id":353276,"edition_id":2,"section_id":353276,"structure_id":50579,"section_number":"2.2-4510","catch_line":"Investment of funds in corporate notes","history":"1987, c. 187, \u00a7 2.1-328.10; 1988, c. 834; 1994, c. 145; 2001, c. 844; 2002, cc. 18, 438; 2005, c. 30; 2020, c. 333.","full_text":"A\n\nNotwithstanding any provision of law to the contrary, the Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control, other than sinking funds, in high quality corporate notes with maturities of no more than five years that have received at least two of the following ratings: (i) at least Aa by Moody’s Investors Service, Inc.; (ii) at least AA by Standard and Poor’s; or (iii) at least AA by Fitch Ratings, Inc.\n\nB\n\nNotwithstanding 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 high quality corporate notes that have received at least two of the following ratings: (i) at least A by Moody’s Investors Service, Inc.; (ii) at least A by Standard and Poor’s; or (iii) at least A by Fitch Ratings, Inc.\n\t\t\tAs used in this section, “qualified public entity” means any state agency or institution of the Commonwealth, having an internal or external public funds manager with professional investment management capabilities.\n\nC\n\nNotwithstanding any provision of law to the contrary, the Department of the Treasury may invest any and all moneys belonging to it or within its control, other than sinking funds, in high quality corporate notes with a rating of at least BBB or Baa2 by two rating agencies. One of the two qualifying ratings shall be (i) at least Baa2 by Moody’s Investors Service, Inc.; (ii) at least BBB by Standard and Poor’s; or (iii) at least BBB by Fitch Ratings, Inc. With regard to investment securities rated below A, the Commonwealth Treasury Board shall establish strict investment guidelines concerning the investment in such securities and monitor the performance of the securities for compliance with the investment guidelines.\n\n","order_by":null,"text":{"0":{"id":1315908,"text":"Notwithstanding any provision of law to the contrary, the Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control, other than sinking funds, in high quality corporate notes with maturities of no more than five years that have received at least two of the following ratings: (i) at least Aa by Moody’s Investors Service, Inc.; (ii) at least AA by Standard and Poor’s; or (iii) at least AA by Fitch Ratings, Inc.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1315909,"text":"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 high quality corporate notes that have received at least two of the following ratings: (i) at least A by Moody’s Investors Service, Inc.; (ii) at least A by Standard and Poor’s; or (iii) at least A by Fitch Ratings, Inc.\n\t\t\tAs used in this section, “qualified public entity” means any state agency or institution of the Commonwealth, having an internal or external public funds manager with professional investment management capabilities.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1315910,"text":"Notwithstanding any provision of law to the contrary, the Department of the Treasury may invest any and all moneys belonging to it or within its control, other than sinking funds, in high quality corporate notes with a rating of at least BBB or Baa2 by two rating agencies. One of the two qualifying ratings shall be (i) at least Baa2 by Moody’s Investors Service, Inc.; (ii) at least BBB by Standard and Poor’s; or (iii) at least BBB by Fitch Ratings, Inc. With regard to investment securities rated below A, the Commonwealth Treasury Board shall establish strict investment guidelines concerning the investment in such securities and monitor the performance of the securities for compliance with the investment guidelines.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-4510\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 187 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. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 6 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 1988, chapter 834; in 1994, chapter 145<\/a>; in 2001, chapter 844<\/a>; in 2002, chapters 18<\/a> and 438<\/a>; in 2005, chapter 30<\/a>; in 2020, chapter 333<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1404549,"object_type":"law","relational_id":353276,"identifier":"2.2-4510","token":"2.2\/II\/B\/45\/2.2-4510","url":"\/2.2-4510\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-4510\/","token":"2.2\/II\/B\/45\/2.2-4510","dublin_core":{"Title":"Investment of funds in corporate notes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-4510","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any provision of law<\/span> to the contrary, the Commonwealth, all public officers, municipal corporations, other political subdivisions and all other public bodies of the Commonwealth may invest any and all moneys belonging to them or within their control, other than sinking funds, in high quality corporate notes with maturities of no more than five years that have received at least two of the following ratings: (i) at least Aa by Moody’s Investors Service, Inc.; (ii) at least AA by Standard and Poor’s; or (iii) at least AA by Fitch Ratings, Inc. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any provision of law<\/span> to the contrary, any qualified public entity<\/span> of the Commonwealth may invest any and all moneys belonging to it or within its control, other than sinking funds, in high quality corporate notes that have received at least two of the following ratings: (i) at least A by Moody’s Investors Service, Inc.; (ii) at least A by Standard and Poor’s; or (iii) at least A by Fitch Ratings, Inc.\n\t\t\tAs used in this section, “qualified public entity<\/span>” means any state agency<\/span> or institution of the Commonwealth, having an internal or external public funds manager with professional investment management capabilities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding any provision of law<\/span> to the contrary, the Department of the Treasury may invest any and all moneys belonging to it or within its control, other than sinking funds, in high quality corporate notes with a rating of at least BBB or Baa2 by two rating agencies. One of the two qualifying ratings shall be (i) at least Baa2 by Moody’s Investors Service, Inc.; (ii) at least BBB by Standard and Poor’s; or (iii) at least BBB by Fitch Ratings, Inc. With regard to investment securities rated below A, the Commonwealth Treasury Board shall establish strict investment guidelines concerning the investment in such securities and monitor the performance of the securities for compliance with the investment guidelines. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF FUNDS IN CORPORATE NOTES (\u00a7 2.2-4510)\n\nA. Notwithstanding any provision of law to the contrary, the Commonwealth, all\npublic officers, municipal corporations, other political subdivisions and all\nother public bodies of the Commonwealth may invest any and all moneys belonging\nto them or within their control, other than sinking funds, in high quality\ncorporate notes with maturities of no more than five years that have received at\nleast two of the following ratings: (i) at least Aa by Moody’s Investors\nService, Inc.; (ii) at least AA by Standard and Poor’s; or (iii) at least\nAA by Fitch Ratings, Inc.\n\nB. Notwithstanding any provision of law to the contrary, any qualified public\nentity of the Commonwealth may invest any and all moneys belonging to it or\nwithin its control, other than sinking funds, in high quality corporate notes\nthat have received at least two of the following ratings: (i) at least A by\nMoody’s Investors Service, Inc.; (ii) at least A by Standard and\nPoor’s; or (iii) at least A by Fitch Ratings, Inc.\n\t\t\tAs used in this section, “qualified public entity” means any\nstate agency or institution of the Commonwealth, having an internal or external\npublic funds manager with professional investment management capabilities.\n\nC. Notwithstanding any provision of law to the contrary, the Department of the\nTreasury may invest any and all moneys belonging to it or within its control,\nother than sinking funds, in high quality corporate notes with a rating of at\nleast BBB or Baa2 by two rating agencies. One of the two qualifying ratings\nshall be (i) at least Baa2 by Moody’s Investors Service, Inc.; (ii) at\nleast BBB by Standard and Poor’s; or (iii) at least BBB by Fitch Ratings,\nInc. With regard to investment securities rated below A, the Commonwealth\nTreasury Board shall establish strict investment guidelines concerning the\ninvestment in such securities and monitor the performance of the securities for\ncompliance with the investment guidelines.\n\nHISTORY: 1987, c. 187, \u00a7 2.1-328.10; 1988, c. 834; 1994, c. 145; 2001, c. 844;\n2002, cc. 18, 438; 2005, c. 30; 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"}}