West Virginia Public Funds Depository Bond

West VirginiaThere is a new depository bond law in the state of West Virginia called HB 4692. The law provides an alternative to the depository bond requirements for public funds belonging to the state. Existing law requires a $10,000 bond to be posted by eligible depositories. The new law allows such banking establishments to position deposits in certificates of deposit. The certificates of deposit requirements are outlined by the new law; this will make banking establishments qualified to use them in lieu of bonds.