2.2-4400 - Short title; declaration of intent; applicability.
§ 2.2-4400. Short title; declaration of intent; applicability.
A. This chapter may be cited as the "Virginia Security for Public DepositsAct."
B. The General Assembly intends by this chapter to establish a single body oflaw applicable to the pledge of collateral for public deposits in financialinstitutions so that the procedure for securing public deposits may beuniform throughout the Commonwealth.
C. All public deposits in qualified public depositories that are required tobe secured by other provisions of law or by a public depositor shall besecured pursuant to this chapter. Public depositors are required to securetheir deposits pursuant to several applicable provisions of law, includingbut not limited to §§ 2.2-1813, 2.2-1815, 8.01-582, 8.01-600, 15.2-1512.1,15.2-1615, 15.2-2625, 15.2-6611, 15.2-6637, 58.1-3149, 58.1-3150, 58.1-3154,and 58.1-3158.
D. This chapter, however, shall not apply to deposits made by the StateTreasurer in out-of-state financial institutions related to master custodyand tri-party repurchase agreements, provided (i) such deposits do not exceedten percent of average monthly investment balances and (ii) the out-of-statefinancial institutions used for this purpose have a short-term deposit ratingof not less than A-1 by Standard & Poor's Rating Service or P-1 by Moody'sInvestors Service, Inc., respectively.
(1973, c. 172, §§ 2.1-359, 2.1-361; 1984, c. 135; 2000, cc. 335, 352; 2001,c. 844; 2010, cc. 640, 674.)