Welcome to the Virginia State Non‐Arbitrage Program®
Welcome to the Virginia State Non‐Arbitrage Program®
Background
The Tax Reform Act of 1986 placed arbitrage restrictions and reporting requirements on issuers of tax-exempt debt. Faced with these new requirements, a group of local finance officials worked with the Virginia Treasury Board to find a way to simplify compliance.
In response to this grass roots effort, the Virginia Legislature passed the Government Non-Arbitrage Investment Act in 1989 (Sections 2.2-4700 through 2.2-4705 of the Code of Virginia). The law authorized the Virginia Treasury Board to create the Virginia State Non-Arbitrage Program® ("Virginia SNAP", "SNAP Program", "SNAP", or the "Program"). The Commonwealth of Virginia, counties, cities, and towns in the Commonwealth, and their agencies, institutions and authorities (“Virginia Issuers” or "Issuers") are all eligible to invest in the Program.
Virginia SNAP®
The Virginia Treasury Board sponsors the Program to provide investment management, accounting and arbitrage rebate calculation services for the proceeds of tax-exempt borrowings and other financings of Virginia Issuers subject to Section 148 (and related sections) of the Internal Revenue Code. The Investment Manager will not accept for investment in the SNAP Program other funds of Issuers. The SNAP Program currently provides a short-term investment portfolio (the "Portfolio") and separately managed Individual Portfolios as a means for Issuers to invest these proceeds. It also provides record keeping, depository and arbitrage calculation services. Issuers that invest in the Portfolio purchase units of beneficial interest in the Portfolio known as shares.
The Commonwealth of Virginia received the National Government Finance Officers Association prestigious Award for Excellence for Financial Management for its efforts in creating Virginia SNAP. The award recognized the Program for its originality, transferability, technical competence and practicality.
For More Information
To find out more about how the SNAP Program can meet your needs, please contact a Relationship Manager at 1-800-570-SNAP (1-800-570-7627).
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Updated Information Statement Available
An updated Information Statement, dated October 1, 2024, is now available for review. Please click here to access the document. If you have any questions, please email CSGEast@pfmam.com.
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