2006 Code of Virginia § 2.2-2416 - Powers and duties of Treasury Board

2.2-2416. Powers and duties of Treasury Board.

The Board shall have the power and duty to:

1. Exercise general supervision over all investments of state funds;

2. Give advice and supervision in the financing of state buildings and tomake recommendations, as requested, to the Governor on methods by whichcapital outlay requirements of the Commonwealth, including its agencies andinstitutions, may be financed;

3. Control and manage all sinking funds and other funds in possession of theCommonwealth in a fiduciary capacity;

4. Administer the Virginia Security for Public Deposits Act ( 2.2-4400 etseq.);

5. Make recommendations to the Governor, notwithstanding any provisions tothe contrary, on proposed bond issues or other financing arrangements;approve the terms and structure of bonds or other financing arrangementsexecuted by or for the benefit of educational institutions and state agenciesother than independent state authorities, including bonds or other financingarrangements secured by leases, lease purchase agreements, financing leases,capital leases or other similar agreements; and agreements relating to thesale of bonds;

6. Take or cause to be taken and omit to take all actions, as to any taxexempt bonds for which it has issuing authority, either by statute or by actof the General Assembly, the taking or omission of which is necessary onbehalf of the Commonwealth to prevent such bonds from being or becomingsubject to federal income taxation or being considered to be "arbitragebonds" within the meaning of federal tax laws, including compliance with thearbitrage rebate provisions thereof;

7. Approve, notwithstanding any provisions to the contrary, the terms andstructure of bonds or other financing arrangements executed by or for thebenefit of state agencies, boards and authorities where debt service paymentson such bonds or other financing arrangements are expected by such agency,board or authority to be made, in whole or in part, directly or indirectly,from appropriations of the Commonwealth, including bonds or other financingarrangements secured by leases, lease purchase agreements, financing leases,capital leases or other similar agreements, and agreements relating to thesale of bonds;

8. Establish debt structuring guidelines for bonds or other financingarrangements executed by or for the benefit of all state agencies,institutions, boards, and authorities where the debt service payments on suchbonds or other financing arrangements are expected to be made, in whole or inpart, directly or indirectly, from appropriations of the Commonwealth, inwhich guidelines the Board may, in its sole discretion, include such items asit deems necessary and appropriate, including, but not limited to, definingterms such as "terms and structure" and "bonds and other financingarrangements" and exempting from its review and approval pursuant tosubdivision 5 or 7 (a) specific bond issues and other financing arrangements,(b) certain types or classes of bond issues and other financing arrangements,and (c) bond issues and other financing arrangements that are below a stateddollar amount;

9. Do all acts and things necessary or convenient to efficiently carry outand enforce the powers granted to and duties imposed on it by law, includingdelegating to the State Treasurer or to a committee composed of not less thanthree members of the Board such powers and duties, as it deems proper, to theextent designated and permitted by the Board;

10. Exercise such other powers and perform such other duties conferred orimposed upon it by law, including the local government investment poolauthorized by Chapter 46 ( 2.2-4600 et seq.) of this title; and

11. Do all acts and things necessary or convenient to wind up the affairs of,and protect the Commonwealth's interests in such matters that may survive thetermination of the State Education Assistance Authority, the Virginia StudentAssistance Authorities, and the Virginia Education Loan Authority. Nothingherein shall be construed to amend, enhance or otherwise alter suchcommitments, security interests, guarantees or other pledges entered into bythe State Education Assistance Authority, the Virginia Student AssistanceAuthorities, and the Virginia Education Loan Authority, acting in theirofficial capacity and effective on or before March 31, 1997.

(Code 1950, 2-149.2; 1966, c. 677, 2.1-179; 1979, c. 215; 1984, c. 720;1987, cc. 210, 211, 242; 1988, c. 258; 1990, c. 712; 1991, c. 578; 1996, cc.636, 656; 1998, cc. 39, 784; 2001, c. 844.)