The state Board of Investments shall invest in linked deposits as identified by the board through an approved application, provided that at the time of placement of the linked deposit, exclusive of the linked deposit program provided for in article one-a, chapter twelve of this code, not more than two percent of the state's total investment portfolio is so invested. The total amount initially deposited in any one year shall not exceed $2 million, and the total amount so deposited at any one time shall not exceed, in the aggregate, $20 million.

Terms Used In West Virginia Code 18-22D-4

  • board: means a county board of education. See West Virginia Code 18-1-1
  • Linked deposit: means a certificate of deposit placed by the state Board of Investments with an eligible lending institution at three percent below current market rates, as determined and calculated by the state Board of Investments, provided the institution agrees to lend the value of such deposit, according to the deposit agreement provided for by this article, to eligible students at three percent below the present borrowing rate applicable to each such student at the time of the deposit of state funds in the institution. See West Virginia Code 18-22D-2
  • State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
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