51.1-818 - Funds for payment of pensions and benefits. - Virginia Statutes

§ 51.1-818. Funds for payment of pensions and benefits.

Any and all cash assets and funds not necessary for immediate payment ofpensions or benefits shall be invested in securities that are legalinvestments under the laws of the Commonwealth for public sinking funds. Anyfunds raised by any police officers' pension and retirement board for thepayment of pensions and benefits shall be paid over to the treasurer of suchboard who shall deposit and pay the funds as provided in this section to thecredit of the board.

(1940, p. 739; Michie Code 1942, § 3035n; Code 1950, § 51-125; 1956, c. 184;1990, c. 832.)