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2001 SESSION

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HB 1768 Investment of state funds in corporate notes; ancillary contracts.

Introduced by: M. Kirkland Cox | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Investment of state funds in corporate notes; ancillary contracts for notes, bonds and investments. Provides that the Department of Treasury may invest moneys belonging to it or within its control, other than sinking funds, in certain high quality corporate notes with a rating of at least BBB or Baa2, if the Commonwealth Treasury Board has determined the necessity and appropriateness of the use of such securities and has established controls for their use. This bill also provides that qualified public entities may enter into ancillary contracts that are in connection with or incidental to the authorized acquisition or carrying of any investments. Such contracts must be in connection with, or incidental to, entering into, maintaining or amending (i) any agreement that secures notes or bonds of the qualified public entity and is authorized or permitted by law or (ii) any investment or contract providing for any investment otherwise authorized or permitted by law.


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