(a) The amount of state funds on deposit in any depository in excess of the amount insured by an agency of the federal government shall be secured by a deposit guaranty bond issued by a valid bankers surety company or by other securities acceptable to the State Treasurer, pursuant to the dedicated method as defined in 12-1B-4 of this code, in an amount of at least 102 percent of the amount on deposit. The value of the collateral shall be determined by the State Treasurer.
(b) The State Treasurer shall propose rules for legislative approval in accordance with the provisions of 29A-3-1 et seq. of this code and may promulgate emergency rules pursuant to the provisions of 29A-3-15 of this code as are necessary to effectuate the provisions of this section.
Structure West Virginia Code
Chapter 12. Public Moneys and Securities
§12-1-1. Legislative Findings and Purpose
§12-1-3. Depositories for Interest Earning Deposits; Qualifications
§12-1-4. Bonds to Be Given by Depositories
§12-1-5. Limitation on Amount on Deposit; Rules
§12-1-6. Unlawful Acceptance of Deposits by Depositories
§12-1-7. Rules; Banking Contracts and Agreements; Depositors; Agreements
§12-1-9. Transfer of Funds by Check or Electronic Funds Transfer; Requirements
§12-1-11. Reports by Depositories to Treasurer; Discontinuance of Depositories
§12-1-12. Investing Funds in Treasury; Depositories Outside the State
§12-1-12a. Investment of Operating Funds for Cash Flow Needs
§12-1-12b. Cash Management Improvement Act; Administration; Reports
§12-1-12e. Investments by State Colleges
§12-1-13. Payment of Banking Services and Litigation Costs for Prior Investment Losses