Notwithstanding any provision of law to the contrary, any qualified public entity of the Commonwealth may invest any and all moneys belonging to it or within its control, other than sinking funds, in asset-backed securities with a duration of no more than five years and a rating of no less than AAA by two rating agencies, one of which must be either Moody’s Investors Service, Inc., or Standard and Poors, Inc.As used in this section, “qualified public entity” means any state agency, institution of the Commonwealth or statewide authority created under the laws of the Commonwealth having an internal or external public funds manager with professional investment management capabilities.

History

1994, c. 145, § 2.1-328.13; 1997, c. 29; 2001, c. 844.