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2000 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 2.1-361 of the Code of Virginia is amended and reenacted as follows:
§ 2.1-361. Public deposits to be secured as provided in this chapter; exemptions.
A. Upon and after January 1, 1974, all public deposits in qualified public depositories which are required to be secured by other provisions of law or by a public depositor shall be secured pursuant to this chapter.
B. This chapter, however, shall not apply to deposits made by the State Treasurer in out-of-state financial institutions related to master custody and tri-party repurchase agreements, provided (i) such deposits do not exceed ten percent of average monthly investment balances and (ii) the out-of-state financial institutions used for this purpose have a short-term deposit rating of not less than A-1 by Standard & Poor's Rating Service or P-1 by Moody's Investors Service, Inc., respectively.