HB2105: Investment of Public Funds Act; investment of public funds in Virginia Investment Pool Trust Fund.


VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend the Code of Virginia by adding a section numbered 2.2-4513.1, relating to the Investment of Public Funds Act; investment of funds in qualified investment pools.
[H 2105]
Approved

 

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 2.2-4513.1 as follows:

§ 2.2-4513.1. Investment of funds in qualified investment pools.

A. Notwithstanding the provisions of Article 1 (§ 15.2-1300 et seq.) of Chapter 13 of Title 15.2, in any locality in which the authority to invest moneys belonging to or within the control of the locality has been granted to its elected treasurer, the treasurer may act on behalf of his locality to become a participating political subdivision in qualified investment pools without an ordinance adopted by the locality approving a joint exercise of power agreement. For purposes of this section, "qualified investment pool" means a jointly administered investment pool organized as a trust fund pursuant to Article 1 of Chapter 13 of Title 15.2 that has a professional investment manager.

B. Investments in qualified investment pools described in this section shall comply with the requirements of this chapter applicable to municipal corporations and other political subdivisions.

C. The provisions of this section shall not apply to local trusts established pursuant to Article 8 (§ 15.2-1544 et seq.) of Chapter 15 of Title 15.2 to fund postemployment benefits other than pensions.

2. That nothing in this act shall be construed to diminish existing legal authority of the treasurers of political subdivisions related to the investment of public funds.


HOUSE BILL NO. 2105
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the Senate Committee on Finance
on February 14, 2017)
(Patron Prior to Substitute--Delegate Byron)
A BILL to amend the Code of Virginia by adding a section numbered 2.2-4513.1, relating to the Investment of Public Funds Act; investment of funds in qualified investment pools.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 2.2-4513.1 as follows:

§ 2.2-4513.1. Investment of funds in qualified investment pools.

A. Notwithstanding the provisions of Article 1 (§ 15.2-1300 et seq.) of Chapter 13 of Title 15.2, in any locality in which the authority to invest moneys belonging to or within the control of the locality has been granted to its elected treasurer, the treasurer may act on behalf of his locality to become a participating political subdivision in qualified investment pools without an ordinance adopted by the locality approving a joint exercise of power agreement. For purposes of this section, "qualified investment pool" means a jointly administered investment pool organized as a trust fund pursuant to Article 1 of Chapter 13 of Title 15.2 that has a professional investment manager and has maintained for a period of one year at least (i) 40 or more participants and (ii) $400 million in invested assets.

B. Investments in qualified investment pools described in this section shall comply with the requirements of this chapter applicable to municipal corporations and other political subdivisions.

C. The provisions of this section shall not apply to local trusts established pursuant to Article 8 (§ 15.2-1544 et seq.) of Chapter 15 of Title 15.2 to fund postemployment benefits other than pensions.

2. That nothing in this act shall be construed to diminish existing legal authority of the treasurers of political subdivisions related to the investment of public funds.


HOUSE BILL NO. 2105
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Finance
on January 30, 2017)
(Patron Prior to Substitute--Delegate Byron)
A BILL to amend the Code of Virginia by adding a section numbered 2.2-4513.1, relating to the Investment of Public Funds Act; investment of funds in the Virginia Investment Pool Trust Fund.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 2.2-4513.1 as follows:

§ 2.2-4513.1. Investment of funds in the Virginia Investment Pool Trust Fund.

All public officers, municipal corporations, and other political subdivisions may 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 that was formed by political subdivisions pursuant to Article 1 (§ 15.2-1300 et seq.) of Chapter 13 of Title 15.2 prior to January 1, 2017.

Investments in the Virginia Investment Pool Trust Fund shall comply with the requirements of this chapter applicable to municipal corporations and other political subdivisions.

2. That nothing in this act shall be construed to diminish existing legal authority of the treasurers of political subdivisions related to the investment of public funds.

3. That the naming by this act of a governmental trust established pursuant to the Joint Exercise of Powers Act (§ 15.2-1300 et seq. of the Code of Virginia) shall not be construed as an endorsement or recommendation by the General Assembly of investment in such governmental trust.

HOUSE BILL NO. 2105

Offered January 11, 2017
Prefiled January 10, 2017
A BILL to amend the Code of Virginia by adding a section numbered 2.2-4513.1, relating to the Investment of Public Funds Act; investment of funds in the Virginia Investment Pool Trust Fund.
Patron-- Byron

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 2.2-4513.1 as follows:

§ 2.2-4513.1. Investment of Funds in the Virginia Investment Pool Trust Fund.

All public officers, municipal corporations, and other political subdivisions may 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.

Investments in the Virginia Investment Pool Trust Fund shall comply with the requirements of this chapter applicable to municipal corporations and other political subdivisions.