Code of Virginia § 15.2-2700. Declaration of policy, findings and purpose.
110 words·~1 min read·
/va/title-15-2/chapter-27/15-2-2700·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The General Assembly hereby finds and determines that insurance protection is essential to the proper functioning of political subdivisions; that the resources of political subdivisions are burdened by the high cost of and frequent inability to secure such protection through standard carriers; that proper risk management requires the spreading of risk so as to minimize fluctuation in insurance needs; and that, therefore, all contributions of financial and administrative resources made by a political subdivision pursuant to an intergovernmental contract as authorized by this chapter are made for a public and governmental purpose, and that such contributions benefit each contributing political subdivision.
1986, cc. 520, 556, § 15.1-503.4:1; 1997, c. 587.