Code of Virginia - Title 33.1 Highways, Bridges And Ferries - Section 33.1-280 Sale of bonds; bonds as legal investments

§ 33.1-280. Sale of bonds; bonds as legal investments

The Board may sell such bonds in such manner and for such price as it may determine to be for the best interests of the Commonwealth, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than the maximum per centum per annum approved by the Commonwealth Treasury Board with respect to such obligations in accordance with § 2.2-2416 of the Code of Virginia, as amended, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding, however, from such computations the amount of any premium to be paid on redemption for any bonds prior to maturity.

All bonds heretofore or hereafter issued pursuant to the authority of this article are hereby made securities in which all public officers and bodies of this Commonwealth and all political subdivisions thereof, all insurance companies and associations, all national banks and trust companies, and savings institutions, including savings and loan associations, in the Commonwealth, and all executors, administrators, trustees, and other fiduciaries, both individual or corporate, may properly and legally invest funds within their control.

(Code 1950, § 33-240; 1952, c. 485; 1958, c. 485; 1970, c. 322; 2000, cc. 1019, 1044.)

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Last modified: April 16, 2009