2.2-4401 - Definitions.
§ 2.2-4401. Definitions.
As used in this chapter, unless the context requires a different meaning:
"Dedicated method" or "opt-out method" means the securing of publicdeposits without accepting the contingent liability for the losses of publicdeposits of other qualified public depositories, pursuant to § 2.2-4404 andregulations and guidelines promulgated by the Treasury Board.
"Defaulting depository" means any qualified public depository determined tobe in default or insolvent.
"Default or insolvency" includes, but shall not be limited to, the failureor refusal of any qualified public depository to return any public depositupon demand or at maturity and the issuance of an order of supervisoryauthority restraining such depository from making payments of depositliabilities or the appointment of a receiver for such depository.
"Eligible collateral" means securities or instruments authorized as legalinvestments under the laws of the Commonwealth for public sinking funds orother public funds as well as Federal Home Loan Bank letters of credit issuedin accordance with guidelines promulgated by the Treasury Board.
"Located in Virginia" means having a main office or branch office in theCommonwealth where deposits are accepted, checks are paid, and money is lent.
"Pooled method" means securing public deposits by accepting the contingentliability for the losses of public deposits of other qualified publicdepositories choosing this method, pursuant to § 2.2-4403 and regulations andguidelines promulgated by the Treasury Board.
"Public deposit" means moneys held by a public depositor who is chargedwith the duty to receive or administer such moneys and is acting in anofficial capacity, such moneys being deposited in any of the following typesof accounts: nonnegotiable time deposits, demand deposits, savings deposits,or any other transaction accounts.
"Public depositor" means the Commonwealth or any county, city, town orother political subdivision thereof, including any commission, institution,committee, board, or officer of the foregoing and any state court.
"Qualified escrow agent" means the State Treasurer or any bank or trustcompany approved by the Treasury Board to hold collateral pledged to securepublic deposits.
"Qualified public depository" means any national banking association,federal savings and loan association or federal savings bank located inVirginia, any bank, trust company or savings institution organized underVirginia law, or any state bank or savings institution organized under thelaws of another state located in Virginia authorized by the Treasury Board tohold public deposits according to this chapter.
"Required collateral" of a qualified public depository means the amount ofeligible collateral required to secure public deposits set by regulations oran action of the Treasury Board.
"Treasury Board" means the Treasury Board of the Commonwealth created by §2.2-2415.
(1973, c. 172, § 2.1-360; 1984, c. 135; 1987, c. 718; 1996, c. 77; 1998, cc.20, 21; 2001, c. 844; 2008, c. 7; 2010, cc. 640, 674.)