15.2-5421 - Bonds as legal investments and lawful security. - Virginia Statutes

§ 15.2-5421. Bonds as legal investments and lawful security.

The bonds issued pursuant to this chapter shall be and are hereby declared tobe legal and authorized investments for banks, savings institutions, trustcompanies, building and loan associations, insurance companies, fiduciaries,trustees, and guardians and for all public funds of the Commonwealth or otherpolitical corporations or subdivisions of the Commonwealth. Such bonds shallbe eligible to secure the deposit of any and all public funds of theCommonwealth and any and all public funds of localities, school districts orother political corporations or subdivisions of the Commonwealth, and suchbonds shall be lawful and sufficient security for such deposits to the extentof their value when accompanied by all unmatured coupons appertaining thereto.

(1979, c. 416, § 15.1-1624; 1996, c. 77; 1997, c. 587.)