2.2-4505 - Investment in certificates representing ownership of treasury bond principal at maturity or its coupons for accrued periods.
§ 2.2-4505. Investment in certificates representing ownership of treasurybond principal at maturity or its coupons for accrued periods.
Notwithstanding any provision of law to the contrary, the Commonwealth, allpublic officers, municipal corporations, other political subdivisions and allother public bodies of the Commonwealth may invest any and all moneysbelonging to them or within their control, in certificates representingownership of either treasury bond principal at maturity or its coupons foraccrued periods. The underlying United States Treasury bonds or coupons shallbe held by a third-party independent of the seller of such certificates.
(1983, c. 117, § 2.1-328.5; 1985, c. 352; 1988, c. 834; 2001, c. 844.)