CODE OF VIRGINIA

DEPOSIT OF LOCAL FUNDS IN BANKING INSTITUTIONS OUTSIDE OF THE COMMONWEALTH TO
MEET OBLIGATIONS PAYABLE OUTSIDE OF THE COMMONWEALTH (§ 58.1-3155)

Notwithstanding other provisions of this article the treasurer of any county,
city or town may if the State Commission on Local Debt gives prior approval,
deposit local funds in banking institutions outside of the Commonwealth. Such
institutions, which shall be designated by the Commission, shall give such
security as the Commission deems proper and shall meet such other conditions as
the Commission prescribes. All such deposits shall be limited to the sums
reasonably necessary to pay principal or interest on obligations of the county,
city or town which are payable at some place outside the Commonwealth and where
any such banking institution is located.

HISTORY: Code 1950, § 58-943.1; 1950, p. 410; 1984, c. 675.