                                 CODE OF VIRGINIA

INVESTMENT OF PROCEEDS PENDING APPLICATION TO AUTHORIZED PURPOSE (§ 15.2-2619)

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.

HISTORY: 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.