15.2-5345 - Security for funds deposited by authorities; deposit in certain savings accounts, etc., authorized. - Virginia Statutes

§ 15.2-5345. Security for funds deposited by authorities; deposit in certainsavings accounts, etc., authorized.

The authority may by resolution provide that all moneys deposited by it shallbe secured:

1. By obligations of the United States or of the Commonwealth of a marketvalue equal at all times to the amount of such deposits;

2. By any securities in which trustees, guardians, executors, administratorsand others acting in a fiduciary capacity may legally invest funds withintheir control; or

3. By an undertaking with such sureties as shall be approved by the authorityfaithfully to keep and pay over upon the order of the authority any suchdeposits and agreed interest thereon.

All banks and trust companies are authorized to give any such security forsuch deposits.

Deposit of such funds in savings accounts and certificates of savingsinstitutions which are under state supervision and of federal associationsorganized under the laws of the United States and under federal supervision,is hereby authorized, provided that such institution's deposits are insuredby the Federal Deposit Insurance Corporation or other federal insuranceagency.

(Code 1950, § 32-260; 1976, c. 281, § 15.1-1580; 1979, c. 719; 1990, c. 3;1997, c. 587.)