1. Adopt an ordinance or resolution.

(Elected Treasurers are exempted from this requirement)

Joining the trust is legally authorized as a joint exercise of public powers under Va. Code Section 15.2-1-1300. The law requires counties, cities or towns to adopt an ordinance to approve any arrangement to exercise powers jointly with other governmental units. Commissions, boards or authorities that do not typically adopt ordinances may use a resolution for this purpose.

Please note that effective July 1, 2017, elected Treasurers do not need to complete this step. The 2017 General Assembly passed the “VIP bill,” which authorizes elected Treasurers to participate in jointly administered pools such as VIP without passing an ordinance.

2. Execute Trust Joinder Agreement.

The Treasurer or Chief Investment Officer signs a “Trust Joinder Agreement” to make their political subdivision a party to the VIP Trust Agreement and a participant in the Virginia Investment Pool.

3. Submit the VIP registration form and executed documents.

The final step is to complete a VIP registration form and submit it along with the executed ordinance/resolution (if required) and Trust Joinder Agreement. Upon receipt, we will open a Participant account(s) for your political subdivision. We will then send you wire/deposit instructions for your initial transfer to Wells Fargo (the custodian bank).