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2000 SESSION
HB 457 Security for Public Deposits Act; exemption for certain deposits.
Introduced by: Eric I. Cantor | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Security for Public Deposits Act; exemption for certain deposits. Provides that the Virginia Security for Public Deposits Act 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 10 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. This bill is identical to SB 239.
SUMMARY AS INTRODUCED:
Virginia Security for Public Deposits Act; exemption for certain deposits. Provides that the Virginia Security for Public Deposits Act 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.