In order to protect funds deposited by an authority, all banks, bankers, trust companies or other persons carrying on a banking business, organized under the laws of the state, are authorized to give to the authority an undertaking with such sureties as shall be approved by the authority, faithfully to keep and pay over upon the order of the authority any such deposits and agreed interest thereon, or in lieu of the said sureties, to deposit with the authority as collateral such securities and in such amounts as may be agreed upon with the authority pursuant to a collateral deposit agreement in form and terms satisfactory to the authority. The collateral to be deposited shall consist of securities in which savings banks may legally invest funds within their control.
Structure West Virginia Code
§16-15-2. Legislative Declaration of Necessity for Creation of Housing Authority Corporations
§16-15-3a. Regional Housing Authorities
§16-15-3b. Consolidated Housing Authorities
§16-15-5. Organization, Officers and Employees of Housing Authority
§16-15-6. Commissioner to Receive No Compensation; Reimbursement for Necessary Expenditures
§16-15-7. Authority a Body Corporate and Politic; Powers; Investigations or Examinations
§16-15-7a. Power of Authority to Include Certain Stipulations in Contracts
§16-15-7b. Joint Undertakings by Authorities; Areas of Operation
§16-15-8. Power to Acquire Lands, etc., by Purchase or by Right of Eminent Domain
§16-15-10. Amount and Nature of Indebtedness; Rights of Creditors
§16-15-12. Report to Mayor or County Governing Body
§16-15-13. Community and Economic Development Fund
§16-15-14. Tax and Licensing Exemptions
§16-15-15. Security for Funds of Authority Deposited in Bank
§16-15-17. Policy of State as to Rentals
§16-15-18. Duties of Authority and Limitation of Powers
§16-15-19. Power to Issue Bonds; How Bonds Secured
§16-15-24. Housing Authorities Empowered to Provide Housing for Farmers of Low and Moderate Income