§64-9-13 Treasurer's Office. - West Virginia Statutes

§64-9-13. Treasurer's Office.
The legislative rule filed in the state register on the twenty-ninth day of August, two thousand eight, authorized under the authority of section two, article one, chapter twelve, of this code, modified by the Treasurer's Office to meet the objections of the legislative rule-making review committee and refiled in the state register on the fourth day of February, two thousand nine, relating to the Treasurer's Office (selection of state depositories for receipt accounts, 112 CSR 7), is authorized, with the following amendments:

On page 3, beginning on line twelve, by striking out all of subdivisions 3.1.b. and 3.1.c. and inserting in lieu thereof the following:

"3.1.b. Be insured by an agency of the federal government;

3.1.c. For deposits of state funds in excess of any amount insured by an agency of the federal government, be insured by:

3.1.c.i. A deposit guaranty bond issued by a valid bankers' surety company acceptable to the Treasurer; and/or

3.1.c.ii. A collaterally secured bond, first approved by the Treasurer, in the amount of not less than Ten Thousand Dollars ($10,000.00).";

On page 6, following subsection 4.11., by adding a new subsection to read as follows:

"4.12. A deposit guaranty bond issued by an approved bankers' surety company to insure state funds on deposit with an eligible state depository may only secure those funds in the custody of the Treasurer.";

On page 7, following subsection 5.3., by adding a new subsection to read as follows:

"5.4. If a state depository insured through a collaterally secured bond or through letters of credit becomes insolvent or in any way breaches its contract with the Treasurer and fails to cure the insolvency or breach within five (5) business days, the holder of the collateral or the obligor for the letters of credit for the depository shall, upon written demand from the Treasurer, within three (3) business days remit to the Treasurer the collateral securing state funds on deposit with the state depository.";

And,

On page 8, subsection 8.1, following the words "with the Treasurer", by striking out the comma and the word "the" and inserting in lieu thereof a period and the word "The".