Visitors, board of; College of William & Mary, VCU, & VPI&SU boards authorized to invest funds, etc. (HB1725)

Introduced By

Del. Tom Rust (R-Herndon)

Description

Board of visitors; the College of William and Mary and Virginia Polytechnic Institute and State University. Authorizes the boards of visitors of the College of William and Mary and Virginia Polytechnic Institute and State University to invest and manage endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances as well as local funds of or held by the College or University. Exempts members of the board of visitors from personal liability for losses suffered by such investment. The bill also exempts the investment and management of endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances and local funds of or held by the College and University from the Virginia Public Procurement Act. Finally, the bill allows the endowment funds, endowment income, gifts, and all other nongeneral fund reserves and balances and local funds of or held by the College or University to be invested or reinvested in derivatives, options, and financial securities in accordance with the Uniform Management of Institutional Funds Act. Amends § 2.2-4343 (“Exemption from operation of chapter for certain transactions.”), § 23-122.1 (“Investment of endowment funds, endowment income, and gifts; standard of care; liability; exemption from the Virginia Public Procurement Act.”), § 23-44.1 (“Investment of endowment funds, endowment income, and gifts; standard of care; liability; exemption from the Virginia Public Procurement Act.”), § 23-50.10:01 (“Investment of endowment funds, endowment income, and gifts; standard of care; liability; exemption from the Virginia Public Procurement Act.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.