On behalf of the Treasury Board, Treasury administers the Security for Public Deposits Act. SPDA provides for a single body of law in the Commonwealth to protect Virginia public deposits held in banking and savings institutions through the collateralization of securities. SPDA requires public depositories to report their public deposit balances and collateral balances monthly to the Treasury Board. Treasury ensures compliance with the reporting and collateral requirements of the SPDA on behalf of all public depositors.
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