The West Virginia State Treasurer’s Office is responsible for ensuring public funds deposited in financial institutions are properly collateralized and protected. The West Virginia Security for Public Deposits Act authorizes public deposits made by the state or any political subdivision of the state be held at an approved designated state depository and collateralized per West Virginia Code §12-1B-5 and §12-1B-7. The Act allows financial institutions two methods of collateralizing public funds: the Dedicated Single Bank Method and the Multibank Pooled Method. All public funds will be collateralized, and collateral will be held in benefit to the West Virginia State Treasurer. The program must be implemented on or before March 2024. There are no exemptions or exceptions to this Act. West Virginia State Code supersedes all local laws & ordinances.