21-134 - Deposit of proceeds. - Virginia Statutes

§ 21-134. Deposit of proceeds.

The governing body may direct the treasurer to deposit the proceeds of thebond issue in such bank or banks as it may approve, to the credit of suchtreasurer, to be paid out on his checks therefor, and at the rate of interestto be specified, and all interest accrued therefrom shall be accounted for bythe treasurer, and shall be expended for the purposes for which the bondswere issued, and insofar as not necessary therefor, shall be paid into thesinking fund to redeem the principal thereof at maturity.

(1946, p. 182; Michie Suppl. 1946, § 1560z6.)