                                 CODE OF VIRGINIA

DISPOSITION OF PROCEEDS; SEPARATE FUND (§ 15.2-2618)

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.

HISTORY: Code 1950, § 15-666.47; 1958, c. 640; 1962, c. 623, § 15.1-206; 1991,
c. 668, § 15.1-227.20; 1997, c. 587.