Virginia Code Title 2.2. Administration of Government § 2.2-4502. Investment of funds of Commonwealth, political subdivisions, and public bodies in “prime quality” commercial paper

1. The issuing corporation, or its guarantor, has a net worth of at least $50 million; and

2. The net income of the issuing corporation, or its guarantor, has averaged $3 million per year for the previous five years; and

3. All existing senior bonded indebtedness of the issuer, or its guarantor, has received at least two of the following ratings: (i) at least A by Moody's Investors Service, Inc.; (ii) at least A by Standard & Poor's; or (iii) at least A by Fitch Ratings, Inc.

Not more than 35 percent of the total funds available for investment may be invested in commercial paper, and not more than five percent of the total funds available for investment may be invested in commercial paper of any one issuing corporation.

1. Prior written approval is obtained from the governing board, committee, or other entity that determines investment policy. The Treasury Board shall be the governing body for the Commonwealth; and

2. A written internal credit review justifying the creditworthiness of the issuing corporation is prepared in advance and made part of the purchase file.