Virginia § 58.1-3155 Deposit of local funds in banking institutions outside of the Commonwealth to meet obligations payable outside of the Commonwealth

Virginia Statutes

§ 58.1-3155 — Deposit of local funds in banking institutions outside of the Commonwealth to meet obligations payable outside of the Commonwealth

Virginia § 58.1-3155

JurisdictionVirginia

Title 58.1TAXATION

Subtitle IIILOCAL TAXES

Ch. 31LOCAL OFFICERS

Art. 2TREASURERS

This text of Virginia § 58.1-3155 (Deposit of local funds in banking institutions outside of the Commonwealth to meet obligations payable outside of the Commonwealth) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 58.1-3155 (2026).

Text

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.

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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.