VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

• history | hilite | pdf | print version

CHAPTER 352 An Act to amend and reenact § 2.1-361 of the Code of Virginia, relating to the Virginia Security for Public Deposits Act; exemption for certain deposits. [H 457] Approved April 3, 2000

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.