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2017 SESSION

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SB 1416 Investment of Public Funds Act; investment of public funds in Virginia Investment Pool Trust Fund.

Introduced by: Stephen D. Newman | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

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 a jointly administered trust fund that has a professional investment manager. 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.

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED SENATE:

Investment of Public Funds Act; investment of funds in the Virginia Investment Pool Trust Fund. Authorizes a treasurer to invest any or all of the moneys belonging to them or within their control, other than sinking funds, in the Virginia Investment Pool Trust Fund (Fund) or other qualified investment pool without an ordinance adopted by the governing body of the locality pursuant to a joint exercise of power agreement, provided that such investments comply with the requirements of the Investment of Public Funds Act (§ 2.2-4500 et seq.) applicable to municipal corporations and other political subdivisions. A qualified investment pool is one that has maintained for a year at least 40 participants and $400 million in invested assets.  The bill states that none of its provisions shall be construed: (i) to diminish existing legal authority of treasurers related to the investment of public funds; or (ii) as an endorsement by the General Assembly of investment in the Fund.

SUMMARY AS INTRODUCED:

Investment of Public Funds Act; investment of funds in the Virginia Investment Pool Trust Fund. Authorizes public officers, municipal corporations, and other political subdivisions to invest any or all of the moneys belonging to them or within their control, other than sinking funds, in the Virginia Investment Pool Trust Fund administered by the Virginia Local Government Finance Corporation, provided that such investments comply with the requirements of the Investment of Public Funds Act (§ 2.2-4500 et seq.) applicable to municipal corporations and other political subdivisions.