CHAPTER 102

An Act to amend and reenact § 2-297 of the Code of Virginia, relating to
legal investments for public sinking funds. [H 192]
192

Approved February 25, 1958

Be it enacted by the General Assembly of Virginia:
is That § 2-297 of the Code of Virginia be amended and reenacted as
oliows:

_ § 2-297. The Commonwealth, all public officers, municipal corpora-
tions, political subdivisions and all public bodies of the Commonwealth may
properly and legally invest any sinking funds belonging to them or within
their control in the following securities:

(1) Obligations of the Commonwealth.—Bonds, notes and other evi-
dences of indebtedness of the State of Virginia, and securities uncondition-
ally guaranteed as to the payment of principal and interest by the State
of Virginia.

(2) Obligations of the United States, etc.—Bonds, notes and other
obligations of the United States, and securities unconditionally guaranteed
as to the payment of principal and interest by the United States, or any
agency thereof.

(3) Obligations of Virginia counties, cities, etc—Bonds, notes and
other evidences of indebtedness of any county, city, town, district, author-
ity or other public body of the State of Virginia upon which there is no
default; provided, that such bonds, notes and other evidences of indebt-
edness of any county, city, town, district, authority or other public body
are either direct legal obligations of, or those unconditionally guaranteed
as to the payment of principal and interest by the county, city, town, dis-
trict, authority or other public body in question; and revenue bonds issued
by agencies or authorities of the State of Virginia or its political sub-
divisions upon which there is no default.

(4) Obligations of International Bank for Reconstruction and Devel-
opment.—Bonds and other obligations issued, guaranteed or assumed by
the International Bank for Reconstruction and Development. —_

(5) Saving accounts or time deposits in any bank within this State
provided such bank is approved for the deposit of other funds of the Com-
monwealth or other political subdivision thereof.