10.1-312 - Bonds declared legal and authorized investments.
§ 10.1-312. Bonds declared legal and authorized investments.
The bonds issued pursuant to this chapter shall be legal and authorizedinvestments for banks, savings institutions, trust companies, building andloan associations, insurance companies, fiduciaries, trustees, guardians andfor all public funds of the Commonwealth or other political subdivisions ofthe Commonwealth. Such bonds shall be eligible to secure the deposit ofpublic funds of the Commonwealth and public funds of counties, cities, towns,school districts or other political subdivisions of the Commonwealth. Inaddition, the bonds shall be lawful and sufficient security for deposits tothe extent of their value when accompanied by all unmatured coupons.
(1986, c. 498, § 10-112.1; 1988, c. 891; 1996, c. 77.)