58.1-3142 - Interest on a fund belongs to the fund; exception. - Virginia Statutes

§ 58.1-3142. Interest on a fund belongs to the fund; exception.

Whenever the treasurer receives interest on funds belonging to theCommonwealth or to any political subdivision thereof, such interest shallbecome a part of the principal of the particular fund on which such interestaccrued and shall be accounted for by the treasurer in the same manner as heis required by law to account for the principal. However, the governing bodyof any county or city may direct that the interest received from generalobligation bond proceeds invested be credited to the general fund of suchcounty or city. Any treasurer violating this section shall be deemed guiltyof a Class 1 misdemeanor.

(Code 1950, § 58-930; 1970, c. 582; 1984, c. 675.)