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1997 SESSION
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.
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 or § 15.1-491.9 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 twenty-five 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.
This section shall expire on July 1, 1997. However, all contracts awarded
under the authority of this section shall be performed in accordance with their
terms.