Virginia Administrative Code
Title 1 - ADMINISTRATION
Agency 75 - DEPARTMENT OF THE TREASURY
Chapter 20 - VIRGINIA SECURITY FOR PUBLIC DEPOSITS ACT REGULATIONS
Section 1VAC75-20-80 - Deposit of collateral

A. No qualified public depository shall accept or retain any public deposit that is required to be secured unless it has previously executed a "Public Deposit Security Agreement," approved by the depository's Board of Directors or Loan Committee, with such approval reflected in the minutes of said board or committee. The depository shall maintain the security agreement as an official record continuously from the time of its execution. The depository must also have deposited eligible collateral, as defined in this chapter, equal to its required collateral, determined as provided in this chapter, with an eligible escrow agent approved by the State Treasurer. Each depository is responsible for providing a written notification and executing new agreements upon its name change.

B. Whether or not a qualified public depository has eligible collateral deposited as provided at the time it receives a public deposit, if such deposit would result in an increase in the qualified public depository's required collateral computed as of the day on which the deposit is received, such qualified public depository shall immediately deposit sufficient securities to increase its collateral to an amount equal to that determined pursuant to 1VAC75-20-30 utilizing the qualified public depository's actual public deposits held at the close of business on the day such deposit is received. Written notice of deposit of collateral shall be submitted to the Treasury Board.