2.2-4604 - Interfund pooling for investment purposes. - Virginia Statutes

§ 2.2-4604. Interfund pooling for investment purposes.

Local officials handling public funds may effect temporary transfers amongseparate funds for the purpose of pooling amounts available for investment.This pooling may be accomplished through interfund advances and otherappropriate means consistent with recognized principles of governmentalaccounting provided that (i) moneys are available for the investment periodrequired; (ii) the investment fund can repay the advance by the time needed;(iii) the transactions are fully and promptly recorded; and (iv) the interestearned is credited to the loaning or advancing jurisdiction.

(1980, c. 538, § 2.1-234.6; 1981, c. 583; 2001, c. 844.)