Terms Used In Virginia Code > Title 2.2 > Subtitle II > Part B > Chapter 44 - Virginia Security for Public Deposits Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the respective political subdivisions of the Commonwealth created in this subpart. See Virginia Code 2.2-2200
• Board: means the respective boards of directors for the authorities created in this subpart. See Virginia Code 2.2-2200
• Bonds: means any bonds, refunding bonds, notes, debentures, interim certificates, or any bond, grant, revenue anticipation notes or any other evidences of indebtedness or obligation of an authority, whether in temporary or definitive form and whether the interest thereon is exempt from federal income taxation. See Virginia Code 2.2-2200
• Cost: means as applied to a project financed under the provisions of this article, the sum total of all costs reasonable and necessary for carrying out all works and undertakings necessary or incident to accomplish a project, including, but not limited to the cost of all necessary developmental, planning and feasibility studies, surveys, plans and specifications, architectural, engineering, financial, legal or other special services, the cost of acquisition of land and any buildings and improvements thereon, including the discharge of any obligations of the vendor of such land, buildings or improvements, site preparation and development including demolition or removal of existing structures, construction, and reconstruction, furnishing of a project, the reasonable cost of financing incurred in the course of the development of a project, carrying charges during construction to the occupancy date, interest on bonds issued to finance a project to a date subsequent to the estimated date of completion of a project, necessary expenses incurred in connection with the initial occupancy of a project, the cost of reimbursing the Central Capital Planning Fund, established under § Virginia Code 2.2-2260
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Default or insolvency: includes , but shall not be limited to, the failure or refusal of any qualified public depository to return any public deposit upon demand or at maturity and the issuance of an order of supervisory authority restraining such depository from making payments of deposit liabilities or the appointment of a receiver for such depository. See Virginia Code 2.2-4401
• Defaulting depository: means any qualified public depository determined to be in default or insolvent. See Virginia Code 2.2-4401
• Eligible collateral: means securities or instruments authorized as legal investments under the laws of the Commonwealth for public sinking funds or other public funds as well as Federal Home Loan Bank letters of credit issued in accordance with guidelines promulgated by the Treasury Board. See Virginia Code 2.2-4401
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal agency: means the United States; the President of the United States; and any department, corporation, agency, or instrumentality heretofore or hereafter created, designated, or established by the United States. See Virginia Code 2.2-2200
• furnishings: means any fixtures, leasehold improvements, equipment, office furniture and furnishings whatsoever necessary or desirable for the use and occupancy of such project, and the terms "to furnish" and "furnishing" means the acquisition and installation of such fixtures, equipment and furnishings. See Virginia Code 2.2-2260
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• MEI project: means a high-impact regional economic development project in which a private entity is expected to make a capital investment in real and tangible personal property exceeding $250 million and create more than 400 new full-time jobs, and is expected to have a substantial direct and indirect economic impact on surrounding communities. See Virginia Code 2.2-2260
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Personal property: means all items of equipment, fixtures, and furnishings, including items affixed to real property. See Virginia Code 2.2-2260
• Pooled method: means securing public deposits by accepting the contingent liability for the losses of public deposits of other qualified public depositories choosing this method, pursuant to § Virginia Code 2.2-4401
• Project: means any structure, facility, personal property or undertaking that the Authority is authorized to finance, refinance, construct, improve, furnish, equip, maintain, acquire, or operate under the provisions of this article. See Virginia Code 2.2-2260
• Public deposit: means moneys held by a public depositor who is charged with the duty to receive or administer such moneys and is acting in an official capacity, such moneys being deposited in any of the following types of accounts: nonnegotiable time deposits, demand deposits, savings deposits, or any other transaction accounts. See Virginia Code 2.2-4401
• Public depositor: means the Commonwealth or any county, city, town or other political subdivision thereof, including any commission, institution, committee, board, or officer of the foregoing and any state court. See Virginia Code 2.2-4401
• Qualified escrow agent: means the State Treasurer or any bank or trust company approved by the Treasury Board to hold collateral pledged to secure public deposits. See Virginia Code 2.2-4401
• Qualified public depository: means any national banking association, federal savings and loan association or federal savings bank located in Virginia, any bank, trust company or savings institution organized under Virginia law, or any state bank or savings institution organized under the laws of another state located in Virginia authorized by the Treasury Board to hold public deposits according to this chapter. See Virginia Code 2.2-4401
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• state: means the Commonwealth of Virginia or any of its agencies or departments. See Virginia Code 2.2-2200
• Treasury Board: means the Treasury Board of the Commonwealth created by § Virginia Code 2.2-4401
• Trustee: A person or institution holding and administering property in trust.
• Vehicle: means any device in, upon, or by which any property, produce, commodity, or article is or may be transported or drawn. See Virginia Code 3.2-5800