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Frequently Asked Questions

How do I send the funds to SNAP for the initial investment? 

How do I withdraw funds from my account with SNAP? 

What are my options for transferring funds electronically? 

How can I check my account balance? 

Can I obtain account information online? 

What is arbitrage? 

What are the spending requirements for the 6-month, 18-month, and 2-year spending exceptions to Arbitrage Rebate? 

Can I fill out my registration forms online? 

How do we change our wire instructions or authorized representatives for an account? 

Q. How do I send the funds to SNAP for the initial investment? 

A. Contact a SNAP Program representative. Before the closing date of bonds, return completed registration forms with bond documents (Official Statement, Non-Arbitrage Certificate, or other tax certificate, Closing Memorandum, Trust Indenture, and Resolution) to the Investment Manager via regular mail or fax (1-800-252-9551). Funds should be wired to SNAP before 2:00 p.m. on the day of deposit. Wire Instructions  

Please notify the Investment Manager at 1-800-570-SNAP (1-800-570-7627) of the amount to be sent and the name of the bank sending the funds.
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Q: How do I withdraw funds from my account with SNAP? 

A. An investor may withdraw funds from any SNAP account to pay for the costs of capital projects by (i) using the online system to request a redemption by either Fed wire or ACH, (ii) calling the Investment Manager at 1-800-570-SNAP (1-800-570-7627) to request a redemption, or (iii) writing a check to a third party.
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Q. What are my options for transferring funds electronically? 

A. Same Day Wire Transfer Funds can be transferred by wire to or from a SNAP account. For incoming transfers, you must instruct your financial institution to send the funds to SNAP. For outgoing transfers, the SNAP operations group will initiate the transfer. In either case, SNAP must be notified by 2:00 p.m. in order for the funds to transfer/credit the same day. There is no extra service charge or fee for this service.

Next Day Transfer utilizes the Federal Reserve’s Automated Clearing House (ACH) system. Funds are transferred overnight and are available in the designated account the next business day. Requests to transfer funds must be received by SNAP via phone, fax, or online account access by 2:30 p.m. Please note that it takes up to 10 days to set up next day ACH transfers. Please contact the Investment Manager at 1-800-570-SNAP to start the process.
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Q. How can I check my account balance? 

A. Contact a SNAP Program representative at 1-800-570-SNAP (1-800-570-7627) or view your account information online. Investors that want to view account balances and activity online will need to complete an Online Account Access Form. Please allow two business days for online access to be set up.
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Q. Can I obtain account information online? 

A. Yes, account information including transactions, earnings, and current balances are available online. Investors that want to view account balances and activity online should complete an Online Account Access Form. Please allow two business days for online access to be set up.
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Q. What is arbitrage? 

A. Arbitrage is the profit  earned from investing proceeds of a tax-exempt debt financing in higher yielding taxable securities. These excess earnings must be rebated to the federal government unless an exception to the arbitrage rebate requirement is met.
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Q. What are the spending requirements for the 6-month, 18-month, and 2-year spending exceptions to Arbitrage Rebate? 

A. In order to qualify for exemption from rebate under the 6-month spending exception, all gross proceeds and investment earnings thereon must be spent within 6 months of the issue date.

The 18-month exception requires that all proceeds and investment earnings thereon be spent as follows:

  • 15% within 6 months of the issue date
  • 60% within 12 months of the issue date
  • 100% (less "reasonable retainage") within 18 months of the issue date

The 2-year exception applies only to construction issues, and requires that all Available Construction Proceeds be spent as follows:

  • 10% within 6 months of issue date
  • 45% within 12 months of issue date
  • 75% within 18 months of issue date
  • 100% (less "reasonable retainage") within 24 months of issue date
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Q. Can I fill out my registration forms online? 

A. Yes, you can complete the registration forms online. However, you must print the completed forms and have the appropriate individuals sign the forms and forward to SNAP via regular mail or fax (1-800-252-9551).
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Q. How do we change our wire instructions or authorized representatives for an account? 

A. You must provide the Investment Manager with written notification of the change. Please complete a new  Wire Instructions or Authorized Signers form indicating the change. Please note on the form that this is an update to instructions/authorized representatives previously submitted. The signatures of the new authorized representatives are required to change the authorized representatives on the account.
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On October 27, 2016, the SNAP Fund (“SNAP Fund” or “Fund”) was established as a local government investment pool. The Fund invests in securities permitted by Code of Virginia §2.2‐4500 et seq. and may hold deposits subject to Code of Virginia § 2.2‐4400 et seq. Additional information on the Fund’s investment policies can be found in the SNAP Information Statement. 

This information is for institutional investor use only, not for further distribution to retail investors, and does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security. Investors should consider the investment objectives, risks, charges and expenses before investing in the Virginia State Non‐Arbitrage Program (“SNAP®” or the “Program”). This and other information about the Program is available in the SNAP® Information Statement, which should be read carefully before investing. A copy of the SNAP® Information Statement may be obtained by calling 1‐800‐570‐SNAP (7627) or is available on the Program’s website at www.vasnap.com. While the SNAP® Fund Portfolio seeks to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Program. An investment in the Program is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the SNAP® Fund Portfolio are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC. 

 

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