Section 50. Average daily balance computation

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The average daily balance for any month shall be derived by dividing the sum of the daily balances of any item being computed by the number of calendar days in the month.

In computing the amount of public deposits and the average balance of public deposits to be collateralized during any month, there shall be excluded the amount of each deposit which is insured by federal deposit insurance.

Historical Notes

Derived from VR640-02 § 5, eff. November 18, 1993.

Statutory Authority

§ 2.1-364 of the Code of Virginia.

                    
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