§ 15.2-2619. Investment of proceeds pending application to authorized purpose
Pending the application of the proceeds of any bonds authorized under the provisions of this chapter to the purpose or purposes for which the bonds have been authorized, all or any part of the proceeds may be invested, in accordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Any security purchased as an investment of the proceeds of bonds shall be deemed at all times to be a part of the proceeds, and the interest accruing on the investment and any profit realized from it shall be credited to the proceeds; provided, however, if authorized by resolution of the governing body, the locality may apply the interest accruing on the investment and any profit realized from it to pay costs as defined by this chapter.
(Code 1950, § 15-666.48; 1958, c. 640; 1960, c. 92; 1962, c. 623, § 15.1-207; 1988, c. 834; 1991, c. 668, § 15.1-227.21; 1997, c. 587.)
Sections: Previous 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 15.2-2626 NextLast modified: April 16, 2009