Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-7-2 - DefinitionsFor purposes of this rule, unless a different meaning clearly is required by the context:
2.1. "Account Analysis" means a system of determining compensation by which the Treasurer and depository enter into a contract that provides for monthly invoices to the Treasurer with detailed account activities billed at the contracted rate, less any earnings, allowances or credits.2.2. "Agency" means and includes any department, board, commission, division, branch office or other separate unit of state government, and any officer or employee who or which collect moneys due the state.2.3. "Collaterally Secured Bond" means a continuous bond payable to the state of West Virginia, conditioned upon the prompt payment, whenever lawfully required, of any moneys of an agency. In accordance with W. Va. Code § 31A-4-31, the West Virginia Commissioner of Financial Institutions and the Attorney General must approve the form of the collaterally secured bond. The Treasurer may require increases or decreases in the amount of the bond or replacement by a new bond. Collateral for the bond shall consist of bonds of the United States, bonds or letters of credit of the federal land banks, of the federal home loan banks, or bonds of the state of West Virginia or any county, district or municipality of the State, or other bonds, letters of credit or securities approved by the Treasurer.2.4. "Compensating Balance" means the cash balance which the Treasurer maintains with a depository to compensate the depository for its services.2.5. "Deposit Guaranty Bond" means a bond, underwritten by an insurance company authorized to do business in this state, providing coverage for deposits of state funds that are in excess of the amounts insured by an agency of the federal government.2.6. "Depository" or "State Depository" means a financial institution insured by an agency of the federal government which has posted any required collaterally secured bond and which is approved by the Treasurer.2.7. "Financial institution" means a state or national bank or a state or federal savings and loan association.2.8. "Receipt Accounts" means those accounts in which state funds are deposited.2.9. "State Funds" means any moneys belonging to or received by the state of West Virginia or any of its agencies or any moneys for which the state of West Virginia is responsible.2.10. "Treasurer" means the West Virginia State Treasurer or his or her designee from the Treasurer's office.2.11. "Valid Bankers' Surety Company" means a bankers' surety company that meets the criteria established by this rule and which the Treasurer has approved as acceptable for insuring a depository through the issuance of a deposit guaranty bond.