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2007 SESSION
071518500Be it enacted by the General Assembly of Virginia:
1. That § 2.2-4327 of the Code of Virginia is amended and reenacted as follows:
§ 2.2-4327. Preference for community reinvestment activities in contracts for investment of funds.
Notwithstanding any other provision of law, any county [ ,
town, ] or city [ that is authorized to and has established affordable
housing programs ] pursuant to (i) § 15.2-2304 or § 15.2-2305 or (ii) a
local ordinance adopted prior to December 31, 1988, may provide by
resolution that in determining the award of any contract for time deposits or
investment of its funds, the treasurer or director of finance of such county [ ,
town, ] or city may consider, in addition to the typical criteria, the
investment activities of qualifying institutions that enhance the supply of, or
accessibility to, affordable housing within the jurisdiction, including the
accessibility of such housing to employees of the county or city or employees
of the local school board. No more than fifty 50 percent of
the funds of the county [ , town, ] or city, calculated on the basis of
the average daily balance of the general fund during the previous fiscal year,
may be deposited or invested by considering such investment activities as a
factor in the award of a contract. A qualifying institution shall meet the
provisions of the Virginia Security for Public Deposits Act (§ 2.2-4400 et
seq.) and all local terms and conditions for security, liquidity and rate of
return.
[ For the purposes of this section, affordable housing means the same as that term is defined in § 15.2-2201. ]