2.2-4402 - Collateral for public deposits.
§ 2.2-4402. Collateral for public deposits.
Qualified public depositories shall elect to secure deposits by either thepooled method or the dedicated method. Every qualified public depositoryshall deposit with a qualified escrow agent eligible collateral equal to orin excess of the required collateral. Eligible collateral shall be valued asdetermined by the Treasury Board. Substitutions and withdrawals of eligiblecollateral may be made as determined by the Treasury Board.
Notwithstanding any other provisions of law, no qualified public depositoryshall be required to give bond or pledge securities or instruments in themanner herein provided for the purpose of securing deposits received or heldin the trust department of the depository and that are secured as required by§ 6.1-21 of the Code of Virginia or that are secured pursuant to Title 12, §92a of the United States Code by securities of the classes prescribed by §6.1-21 of the Code of Virginia.
No qualified public depository shall accept or retain any public deposit thatis required to be secured unless it has deposited eligible collateral equalto its required collateral with a qualified escrow agent pursuant to thischapter.
(1973, c. 172, § 2.1-362; 2001, c. 844; 2010, cc. 640, 674.)