§ 2.2-4601 — Findings and purpose

Virginia § 2.2-4601

• Jurisdiction: Virginia
• Title 2.2: ADMINISTRATION OF GOVERNMENT
• Subtitle II: ADMINISTRATION OF STATE GOVERNMENT
• Ch. 46: LOCAL GOVERNMENT INVESTMENT POOL ACT
• Part B: TRANSACTION OF PUBLIC BUSINESS

Text

A. The General Assembly finds that the public interest is served by maximum and prudent investment of public funds so that the need for taxes and other public revenues is decreased commensurately with the earnings on such investments. In selecting among avenues of investment, the highest rate of return, consistent with safety and liquidity, shall be the objective.

B. The purpose of this chapter is to secure the maximum public benefit from the investment of public funds, and, in furtherance of such purposes to:

1. Establish and maintain a continuing statewide policy for the deposit and investment of public funds;

2. Establish a state-administered pool for the investment of local government funds; and

3. Authorize treasurers or any other person collecting, disbursing, or otherwise handling public funds to invest such public funds either in accordance with Chapter 45 (§ 2.2-4500 et seq.) of this title or through the local government investment pool created by the chapter.

C. The General Assembly finds that the objectives of this chapter will best be obtained through improved money management, emphasizing the primary requirements of safety and liquidity and recognizing the different investment objectives of operating and permanent funds.

Legislative History

1980, c. 538, § 2.1-234.2; 2001, c. 844.