42.1-41 - Funds and expenses of regional library system. - Virginia Statutes

§ 42.1-41. Funds and expenses of regional library system.

The expenses of the regional library system shall be apportioned among theparticipating political subdivisions on such basis as shall be agreed upon inthe contract. The treasurer of the regional library board shall have thecustody of the funds of the regional free library system; and the treasurersor other financial officers of the participating jurisdictions shall transferquarterly to him all moneys collected or appropriated for this purpose intheir respective jurisdictions. Such funds shall be expended only for thelibrary service for which the county or city contracted and for no otherpurpose. The regional library board shall furnish a detailed report ofreceipts and disbursements of all funds at the regular meeting of thegoverning body of every participating jurisdiction after the close of thestate's fiscal year. It shall make a similar report to The Library ofVirginia. The treasurer of the board shall be bonded for an amount to bedetermined by the board. The board may authorize the treasurer to pay bondpremiums from state aid library funds.

(1970, c. 606; 1994, c. 64.)