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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 2.2. Administration of Government |
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SUBTITLE II. Administration of State Government |
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PART B. Transaction of Public Business |
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CHAPTER 45. Investment of Public Funds Act |
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SECTION 2.2-4512. Investment of funds by State Treasurer in obligations of foreign sovereign governments |
SECTION 2.2-4512. Investment of funds by State Treasurer in obligations of foreign sovereign governments
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Notwithstanding any provision of law to the contrary, the State Treasurer may invest unexpended or excess moneys in any fund or account over which he has custody and control, other than sinking funds, in fully hedged debt obligations of sovereign governments and companies that are fully guaranteed by such sovereign governments with a maturity of no more than five years that have received at least two of the following ratings: (i) at least Aaa by Moody's Investors Service, Inc.; (ii) at least AAA by Standard and Poor's; or (iii) at least AAA by Fitch Ratings, Inc. Not more than 10 percent of the total funds of the Commonwealth available for investment may be invested in the manner described in this section. |