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SB 1416 Investment of Public Funds Act; investment of funds in Virginia Investment Pool Trust Fund.
SUMMARY AS PASSED: (all summaries)
Investment of Public Funds Act; investment of funds in qualified investment pools. Authorizes a treasurer to act on behalf of his locality to become a participating political subdivision in qualified investment pools without an ordinance adopted by the locality. The bill defines a qualified investment pool as one that has maintained for a year at least 40 participants and $400 million in invested assets. Investments in qualified investment pools pursuant to the bill are required to comply with the requirements of the Investment of Public Funds Act (§ 2.2-4500 et seq.) applicable to municipal corporations and other political subdivisions. The bill states that none of its provisions shall be construed to diminish existing legal authority of treasurers related to the investment of public funds. This bill is identical to HB 2105.