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1999 SESSION

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992511718
SENATE BILL NO. 1139 Offered January 21, 1999 A BILL to amend and reenact § 11-47.3 of the Code of Virginia, relating to the Public Procurement Act; preference for community reinvestment activities in certain contracts. ---------- Patrons-- Mims and Couric; Delegates: Black, May and Van Yahres ---------- Referred to Committee on General Laws ----------

Be it enacted by the General Assembly of Virginia:

1. That § 11-47.3 of the Code of Virginia is amended and reenacted as follows:

§ 11-47.3. Preference for community reinvestment activities in contracts for investment of funds.

A. Notwithstanding any other provision of law, any county or city which is authorized to and has established affordable housing programs pursuant to (i) § 15.1-491.8 15.2-2304or § 15.1-491.915.2-2305 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 or city may consider, in addition to the typical criteria, the investment activities of qualifying institutions which enhance the supply of, or accessibility to, affordable housing within the jurisdiction. No more than fifty percent of the funds of the county 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 (§ 2.1-359 et seq.) and all local terms and conditions for security, liquidity and rate of return.

B. Notwithstanding any other provision of law, any high-growth locality as described in subsection A of § 15.2-2298 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 or city may consider, in addition to the typical criteria, the investment activities of qualifying institutions which enhance and preserve agricultural uses and agribusiness activities within the jurisdiction. No more than fifty percent of the funds of the county 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 (§ 2.1-359 et seq.) and all local terms and conditions for security, liquidity and rate of return.

2. That the provisions of this act shall expire on July 1, 2003.