15.2-2619 - Investment of proceeds pending application to authorized purpose.
§ 15.2-2619. Investment of proceeds pending application to authorized purpose.
Pending the application of the proceeds of any bonds authorized under theprovisions of this chapter to the purpose or purposes for which the bondshave been authorized, all or any part of the proceeds may be invested, inaccordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Any securitypurchased as an investment of the proceeds of bonds shall be deemed at alltimes to be a part of the proceeds, and the interest accruing on theinvestment and any profit realized from it shall be credited to the proceeds;provided, however, if authorized by resolution of the governing body, thelocality may apply the interest accruing on the investment and any profitrealized from it to pay costs as defined by this chapter.
(Code 1950, § 15-666.48; 1958, c. 640; 1960, c. 92; 1962, c. 623, § 15.1-207;1988, c. 834; 1991, c. 668, § 15.1-227.21; 1997, c. 587.)