Code of Virginia § 2.2-4902. Ratings of bonds issued by governmental instrumentalities.
196 words·~1 min read·
/va/title-2-2/chapter-49/2-2-4902A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. As used in this section, unless the context requires a different meaning:
"Bond" means any bonds, refunding bonds, notes, debentures, interim certificates, or any bond, grant, revenue anticipation notes or any other evidences of indebtedness, whether in temporary or definitive form and whether or not the interest thereon is exempt from federal taxation.
"Governmental instrumentality" means each department, institution, commission, public corporate instrumentality, or agency of the Commonwealth, including the Commonwealth itself, and each political subdivision thereof, including but without limitation each public authority and district and each county, city or town and each instrumentality thereof which under law has the power to issue bonds.
B. Notwithstanding any provision contained in any general or special law or in any charter of any county, city or town of the Commonwealth, any rating of bonds issued by a governmental instrumentality shall be provided by a bond rating agency approved by the State Treasurer.
C. In addition to all of his other powers and duties, the State Treasurer shall prepare a list of approved bond rating agencies and upon request provide a copy thereof to all governmental instrumentalities.
1997, c. 381 , § 2.1-304.1:1; 2001, c. 844 .