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2010 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 2.2-4518 of the Code of Virginia is amended and reenacted as follows:
§ 2.2-4518. Investment of funds in deposits.
A. Notwithstanding any provision of law to the contrary, the Commonwealth and all public officers, municipal corporations, other political subdivisions, and all other public bodies of the Commonwealth, each referred to in this section as a "public entity," may invest any or all of the moneys belonging to them or within their control in accordance with the following conditions:
1. The moneys are initially invested through any federally insured bank or savings institution selected by the public entity that is qualified by the Virginia Treasury Board to accept public deposits;
2. The selected bank or savings institution arranges for the
deposit of the moneys in certificates of deposit in one or more
federally insured banks or savings institutions wherever located, for the
account of the public entity;
3. The full amount of principal and any accrued interest of
each such certificate of deposit are is covered by federal
deposit insurance;
4. The selected bank or savings institution acts as custodian
for the public entity with respect to such certificates of each
deposit issued for the public entity's account; and
5. At the same time that the public entity's moneys are
deposited and the certificates of deposit are issued, the selected bank
or savings institution receives an amount of deposits from customers of other
financial institutions wherever located equal to or greater than the amount of
moneys invested by the public entity through the selected bank or savings
institution.
B. Moneys arranged to be invested by the selected bank or
savings institution in certificates of deposit in one or more federally insured
banks or savings institutions wherever located, for the account of the public
entity After deposits are made in accordance with the conditions
prescribed in subsection A, such deposits shall not be subject to the
provisions of Chapter 44 (§ 2.2-4400 et seq.), § 2.2-4515, or any security or
collateral requirements that may otherwise be applicable to the investment or
deposit of public moneys by government investors.