§ 15.2-2618. Disposition of proceeds; separate fund
Unless otherwise specifically provided by the governing body of a locality or in the ordinance, resolution, trust agreement, indenture or other instrument authorizing the issuance of bonds, all proceeds received from the sale of the bonds of any locality issued under the provisions of this chapter shall be paid to, or at the direction of, the treasurer or chief financial officer of the locality who shall promptly deposit the funds in a bank or other depository to the credit of the locality as prescribed by general law or the provisions of the charter applicable to the locality. The treasurer or chief financial officer shall account for the money through a fund, separate from all other funds, in the system of accounting of the locality.
(Code 1950, § 15-666.47; 1958, c. 640; 1962, c. 623, § 15.1-206; 1991, c. 668, § 15.1-227.20; 1997, c. 587.)
Sections: Previous 15.2-2611 15.2-2612 15.2-2613 15.2-2614 15.2-2615 15.2-2616 15.2-2617 15.2-2618 15.2-2619 15.2-2620 15.2-2621 15.2-2622 15.2-2623 15.2-2624 15.2-2625 NextLast modified: April 2, 2009