§ 23-38.74. Virginia College Savings Bonds
All or a portion of bonds issued by the Treasury Board pursuant to Article X, Section 9 (b) or 9 (c) of the Constitution of Virginia or issued by any state agency, institution, or authority, pursuant to Article X, Section 9 (d) of the Constitution of Virginia, may be designated as Virginia College Savings Bonds as determined by the State Treasurer with the approval of the Treasury Board. A bond so designated, and any interest accruing thereon, shall be payable in one payment at maturity on a fixed date. Such Virginia College Savings Bonds shall mature not less than five years nor more than twenty years from the date of issuance, unless the State Treasurer determines otherwise. No college savings bonds shall be sold at a negotiated sale unless the underwriter or underwriters to which such bonds are sold (i) are organized, incorporated, or have their principal place of business in the Commonwealth, or (ii) in the judgment of the State Treasurer, have sufficient capability to make a broad distribution of such bonds to investors residing in the Commonwealth.
(1989, c. 60.)
Sections: Previous 23-38.72 23-38.73 23-38.74Last modified: April 3, 2009