15.2-2618 - Disposition of proceeds; separate fund. - Virginia Statutes

§ 15.2-2618. Disposition of proceeds; separate fund.

Unless otherwise specifically provided by the governing body of a locality orin the ordinance, resolution, trust agreement, indenture or other instrumentauthorizing the issuance of bonds, all proceeds received from the sale of thebonds of any locality issued under the provisions of this chapter shall bepaid to, or at the direction of, the treasurer or chief financial officer ofthe locality who shall promptly deposit the funds in a bank or otherdepository to the credit of the locality as prescribed by general law or theprovisions of the charter applicable to the locality. The treasurer or chieffinancial officer shall account for the money through a fund, separate fromall 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.)