Saturday, September 6, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB3002: Affordable housing; investment of funds.
Patrons-- Scott, J.M., Ebbin, Plum and Watts; Senators: Howell, Ticer and Whipple
Be 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 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 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 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.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.