                                 CODE OF VIRGINIA

DEFINITIONS (§ 2.2-4401)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Dedicated method&#8221; or &#8220;opt-out method&#8221; means the
securing of public deposits without accepting the contingent liability for the
losses of public deposits of other qualified public depositories, pursuant to §
2.2-4404 and regulations and guidelines promulgated by the Treasury Board.
		&#8220;Defaulting depository&#8221; means any qualified public depository
determined to be in default or insolvent.
		&#8220;Default or insolvency&#8221; includes, but shall not be limited to, the
failure or refusal of any qualified public depository to return any public
deposit upon demand or at maturity and the issuance of an order of supervisory
authority restraining such depository from making payments of deposit
liabilities or the appointment of a receiver for such depository.
		&#8220;Eligible collateral&#8221; means securities or instruments authorized
as legal investments under the laws of the Commonwealth for public sinking funds
or other public funds as well as Federal Home Loan Bank letters of credit issued
in accordance with guidelines promulgated by the Treasury Board.
		&#8220;Located in Virginia&#8221; means having a main office or branch office
in the Commonwealth where deposits are accepted, checks are paid, and money is
lent.
		&#8220;Pooled method&#8221; means securing public deposits by accepting the
contingent liability for the losses of public deposits of other qualified public
depositories choosing this method, pursuant to § 2.2-4403 and regulations and
guidelines promulgated by the Treasury Board.
		&#8220;Public deposit&#8221; means moneys held by a public depositor who is
charged with the duty to receive or administer such moneys and is acting in an
official capacity, such moneys being deposited in any of the following types of
accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any
other transaction accounts.
		&#8220;Public depositor&#8221; means the Commonwealth or any county, city,
town or other political subdivision thereof, including any commission,
institution, committee, board, or officer of the foregoing and any state court.
		&#8220;Qualified escrow agent&#8221; means the State Treasurer or any bank or
trust company approved by the Treasury Board to hold collateral pledged to
secure public deposits.
		&#8220;Qualified public depository&#8221; means any national banking
association, federal savings and loan association or federal savings bank
located in Virginia, any bank, trust company or savings institution organized
under Virginia law, or any state bank or savings institution organized under the
laws of another state located in Virginia authorized by the Treasury Board to
hold public deposits according to this chapter.
		&#8220;Required collateral&#8221; of a qualified public depository means the
amount of eligible collateral required to secure public deposits set by
regulations or an action of the Treasury Board.
		&#8220;Treasury Board&#8221; means the Treasury Board of the Commonwealth
created by § 2.2-2415.

HISTORY: 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.