{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2618.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2618.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2618.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2618.html"}],"law_id":86877,"edition_id":1,"section_id":86877,"structure_id":14965,"section_number":"15.2-2618","catch_line":"Disposition of proceeds; separate fund","history":"Code 1950, \u00a7 15-666.47; 1958, c. 640; 1962, c. 623, \u00a7 15.1-206; 1991, c. 668, \u00a7 15.1-227.20; 1997, c. 587.","full_text":"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.","order_by":null,"text":{"0":{"id":311060,"text":"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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14965,"edition_id":1,"name":"Provisions Applicable to All Bonds","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":13707,"metadata":{},"date_created":"2026-06-26 03:51:09","date_modified":"2026-06-26 03:51:09","permalink":{"id":155963,"object_type":"structure","relational_id":14965,"identifier":"2","token":"15.2\/II\/26\/2","url":"\/15.2\/II\/26\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13707,"edition_id":1,"name":"Public Finance Act","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:45:37","date_modified":"2026-06-26 03:45:37","permalink":{"id":155943,"object_type":"structure","relational_id":13707,"identifier":"26","token":"15.2\/II\/26","url":"\/15.2\/II\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":83529,"structure_id":14965,"section_number":"15.2-2604","catch_line":"Powers generally","url":"\/15.2-2604\/","token":"15.2\/II\/26\/2\/15.2-2604","metadata":false},{"id":85999,"structure_id":14965,"section_number":"15.2-2605","catch_line":"Collection of rents and charges; liens on real estate; discharge and enforcement of liens","url":"\/15.2-2605\/","token":"15.2\/II\/26\/2\/15.2-2605","metadata":false},{"id":64803,"structure_id":14965,"section_number":"15.2-2606","catch_line":"Public hearing before issuance of bonds","url":"\/15.2-2606\/","token":"15.2\/II\/26\/2\/15.2-2606","metadata":false},{"id":60104,"structure_id":14965,"section_number":"15.2-2607","catch_line":"Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court","url":"\/15.2-2607\/","token":"15.2\/II\/26\/2\/15.2-2607","metadata":false},{"id":61638,"structure_id":14965,"section_number":"15.2-2608","catch_line":"Bonds for revenue-producing undertakings","url":"\/15.2-2608\/","token":"15.2\/II\/26\/2\/15.2-2608","metadata":false},{"id":58186,"structure_id":14965,"section_number":"15.2-2609","catch_line":"Covenants relating to issuance of revenue bonds","url":"\/15.2-2609\/","token":"15.2\/II\/26\/2\/15.2-2609","metadata":false},{"id":59146,"structure_id":14965,"section_number":"15.2-2610","catch_line":"Request for referendum filed with court; order for election; notice","url":"\/15.2-2610\/","token":"15.2\/II\/26\/2\/15.2-2610","metadata":false},{"id":73440,"structure_id":14965,"section_number":"15.2-2611","catch_line":"Holding of election; order authorizing bonds; authority of governing body","url":"\/15.2-2611\/","token":"15.2\/II\/26\/2\/15.2-2611","metadata":false},{"id":75201,"structure_id":14965,"section_number":"15.2-2612","catch_line":"Dating; rate of interest; maturity; denomination; place of payment","url":"\/15.2-2612\/","token":"15.2\/II\/26\/2\/15.2-2612","metadata":false},{"id":73286,"structure_id":14965,"section_number":"15.2-2613","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/15.2-2613\/","token":"15.2\/II\/26\/2\/15.2-2613","metadata":false},{"id":70278,"structure_id":14965,"section_number":"15.2-2614","catch_line":"Bearer, registered or book entry form","url":"\/15.2-2614\/","token":"15.2\/II\/26\/2\/15.2-2614","metadata":false},{"id":65731,"structure_id":14965,"section_number":"15.2-2615","catch_line":"Bonds deemed negotiable instruments","url":"\/15.2-2615\/","token":"15.2\/II\/26\/2\/15.2-2615","metadata":false},{"id":67880,"structure_id":14965,"section_number":"15.2-2616","catch_line":"Interim receipts or temporary bonds exchangeable for definitive bonds","url":"\/15.2-2616\/","token":"15.2\/II\/26\/2\/15.2-2616","metadata":false},{"id":66232,"structure_id":14965,"section_number":"15.2-2617","catch_line":"Sale of bonds","url":"\/15.2-2617\/","token":"15.2\/II\/26\/2\/15.2-2617","metadata":false},{"id":86877,"structure_id":14965,"section_number":"15.2-2618","catch_line":"Disposition of proceeds; separate fund","url":"\/15.2-2618\/","token":"15.2\/II\/26\/2\/15.2-2618","metadata":false},{"id":65883,"structure_id":14965,"section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/15.2-2619\/","token":"15.2\/II\/26\/2\/15.2-2619","metadata":false},{"id":74470,"structure_id":14965,"section_number":"15.2-2620","catch_line":"Bonds made legal investments","url":"\/15.2-2620\/","token":"15.2\/II\/26\/2\/15.2-2620","metadata":false},{"id":58244,"structure_id":14965,"section_number":"15.2-2621","catch_line":"Bonds mutilated, lost or destroyed","url":"\/15.2-2621\/","token":"15.2\/II\/26\/2\/15.2-2621","metadata":false},{"id":60422,"structure_id":14965,"section_number":"15.2-2622","catch_line":"Destruction of bonds and coupons after payment in full","url":"\/15.2-2622\/","token":"15.2\/II\/26\/2\/15.2-2622","metadata":false},{"id":85499,"structure_id":14965,"section_number":"15.2-2623","catch_line":"Defeasance of indebtedness; rights of owners","url":"\/15.2-2623\/","token":"15.2\/II\/26\/2\/15.2-2623","metadata":false},{"id":65050,"structure_id":14965,"section_number":"15.2-2624","catch_line":"Tax to pay principal and interest","url":"\/15.2-2624\/","token":"15.2\/II\/26\/2\/15.2-2624","metadata":false},{"id":82735,"structure_id":14965,"section_number":"15.2-2625","catch_line":"Deposit of funds; security; investment of funds","url":"\/15.2-2625\/","token":"15.2\/II\/26\/2\/15.2-2625","metadata":false},{"id":64166,"structure_id":14965,"section_number":"15.2-2626","catch_line":"Contracts concerning interest rates, currency, cash flow or other basis","url":"\/15.2-2626\/","token":"15.2\/II\/26\/2\/15.2-2626","metadata":false},{"id":64379,"structure_id":14965,"section_number":"15.2-2627","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-2627\/","token":"15.2\/II\/26\/2\/15.2-2627","metadata":false},{"id":77140,"structure_id":14965,"section_number":"15.2-2628","catch_line":"Notes in anticipation of bond issue","url":"\/15.2-2628\/","token":"15.2\/II\/26\/2\/15.2-2628","metadata":false},{"id":57094,"structure_id":14965,"section_number":"15.2-2629","catch_line":"Loans to meet appropriations for current year","url":"\/15.2-2629\/","token":"15.2\/II\/26\/2\/15.2-2629","metadata":false},{"id":71319,"structure_id":14965,"section_number":"15.2-2630","catch_line":"Loans in anticipation of federal and state funds","url":"\/15.2-2630\/","token":"15.2\/II\/26\/2\/15.2-2630","metadata":false},{"id":71705,"structure_id":14965,"section_number":"15.2-2631","catch_line":"Terms of temporary loans","url":"\/15.2-2631\/","token":"15.2\/II\/26\/2\/15.2-2631","metadata":false}],"previous_section":{"id":66232,"structure_id":14965,"section_number":"15.2-2617","catch_line":"Sale of bonds","url":"\/15.2-2617\/","token":"15.2\/II\/26\/2\/15.2-2617","metadata":false},"next_section":{"id":65883,"structure_id":14965,"section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/15.2-2619\/","token":"15.2\/II\/26\/2\/15.2-2619","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2618\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1958, chapter 640; in 1962, chapter 623; in 1991, chapter 668; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":156021,"object_type":"law","relational_id":86877,"identifier":"15.2-2618","token":"15.2\/II\/26\/2\/15.2-2618","url":"\/15.2-2618\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2618\/","token":"15.2\/II\/26\/2\/15.2-2618","dublin_core":{"Title":"Disposition of proceeds; separate fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2618","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Unless otherwise specifically provided by the <span class=\"dictionary\">governing body<\/span> of a <span class=\"dictionary\">locality<\/span> or in the <span class=\"dictionary\">ordinance<\/span>, resolution, trust agreement, indenture or other instrument authorizing the issuance of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, all proceeds received from the sale of the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> of any <span class=\"dictionary\">locality<\/span> issued under the provisions of this chapter shall be paid to, or at the direction of, the treasurer or chief financial officer of the <span class=\"dictionary\">locality<\/span> who shall promptly deposit the funds in a bank or other depository to the credit of the <span class=\"dictionary\">locality<\/span> as prescribed by general <span class=\"dictionary\">law<\/span> or the provisions of the charter applicable to the <span class=\"dictionary\">locality<\/span>. 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 <span class=\"dictionary\">locality<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nDISPOSITION OF PROCEEDS; SEPARATE FUND (\u00a7 15.2-2618)\n\nUnless otherwise specifically provided by the governing body of a locality or in\nthe ordinance, resolution, trust agreement, indenture or other instrument\nauthorizing the issuance of bonds, all proceeds received from the sale of the\nbonds of any locality issued under the provisions of this chapter shall be paid\nto, or at the direction of, the treasurer or chief financial officer of the\nlocality who shall promptly deposit the funds in a bank or other depository to\nthe credit of the locality as prescribed by general law or the provisions of the\ncharter applicable to the locality. The treasurer or chief financial officer\nshall account for the money through a fund, separate from all other funds, in\nthe system of accounting of the locality.\n\nHISTORY: Code 1950, \u00a7 15-666.47; 1958, c. 640; 1962, c. 623, \u00a7 15.1-206; 1991,\nc. 668, \u00a7 15.1-227.20; 1997, c. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}