58.1-3155 - Deposit of local funds in banking institutions outside of the Commonwealth to meet obligations payable outside of the Commonwealth. - Virginia Statutes

§ 58.1-3155. Deposit of local funds in banking institutions outside of theCommonwealth to meet obligations payable outside of the Commonwealth.

Notwithstanding other provisions of this article the treasurer of any county,city or town may if the State Commission on Local Debt gives prior approval,deposit local funds in banking institutions outside of the Commonwealth. Suchinstitutions, which shall be designated by the Commission, shall give suchsecurity as the Commission deems proper and shall meet such other conditionsas the Commission prescribes. All such deposits shall be limited to the sumsreasonably necessary to pay principal or interest on obligations of thecounty, city or town which are payable at some place outside the Commonwealthand where any such banking institution is located.

(Code 1950, § 58-943.1; 1950, p. 410; 1984, c. 675.)