Pending the application of the proceeds of any bonds authorized under the provisions of this chapter to the purpose or purposes for which the bonds have been authorized, all or any part of the proceeds may be invested, in accordance with Chapter 45 (§ 2.2-4500 et seq.) of Title 2.2. Any security purchased as an investment of the proceeds of bonds shall be deemed at all times to be a part of the proceeds, and the interest accruing on the investment and any profit realized from it shall be credited to the proceeds; provided, however, if authorized by resolution of the governing body, the locality may apply the interest accruing on the investment and any profit realized 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.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 26 - Public Finance Act
§ 15.2-2603. Disposition of unclaimed funds due on matured bonds or coupons
§ 15.2-2606. Public hearing before issuance of bonds
§ 15.2-2608. Bonds for revenue-producing undertakings
§ 15.2-2609. Covenants relating to issuance of revenue bonds
§ 15.2-2610. Request for referendum filed with court; order for election; notice
§ 15.2-2611. Holding of election; order authorizing bonds; authority of governing body
§ 15.2-2612. Dating; rate of interest; maturity; denomination; place of payment
§ 15.2-2613. Form and manner of execution; signature of person ceasing to be officer
§ 15.2-2614. Bearer, registered or book entry form
§ 15.2-2615. Bonds deemed negotiable instruments
§ 15.2-2616. Interim receipts or temporary bonds exchangeable for definitive bonds
§ 15.2-2618. Disposition of proceeds; separate fund
§ 15.2-2619. Investment of proceeds pending application to authorized purpose
§ 15.2-2620. Bonds made legal investments
§ 15.2-2621. Bonds mutilated, lost or destroyed
§ 15.2-2622. Destruction of bonds and coupons after payment in full
§ 15.2-2623. Defeasance of indebtedness; rights of owners
§ 15.2-2624. Tax to pay principal and interest
§ 15.2-2625. Deposit of funds; security; investment of funds
§ 15.2-2626. Contracts concerning interest rates, currency, cash flow or other basis
§ 15.2-2627. Time for contesting validity of proposed bond issue; when bonds presumed valid
§ 15.2-2628. Notes in anticipation of bond issue
§ 15.2-2629. Loans to meet appropriations for current year
§ 15.2-2630. Loans in anticipation of federal and state funds
§ 15.2-2631. Terms of temporary loans
§ 15.2-2632. Certain debts that may be contracted by city on transition from town
§ 15.2-2633. Borrowing by certain cities to pay expenses
§ 15.2-2634. Limitation on amount of outstanding bonds
§ 15.2-2635. What indebtedness not included in determining limitation
§ 15.2-2636. Ordinance or resolution to provide for issue of bonds
§ 15.2-2637. Danville to incur indebtedness only in accordance with charter
§ 15.2-2638. Powers of counties generally; approval of voters required
§ 15.2-2639. County may elect to be treated as city for issuing bonds
§ 15.2-2640. Resolution for bond issue; contents; request for bonds for school purposes
§ 15.2-2641. Subsequent resolutions
§ 15.2-2642. School district bonds
§ 15.2-2643. Authority for issuance; resolutions or ordinances
§ 15.2-2646. Participation in funds donated by the Commonwealth
§ 15.2-2647. Expenses of authorization and issuance; agent to assist in refunding transaction
§ 15.2-2648. Purchase in open market
§ 15.2-2649. District refunding bonds
§ 15.2-2650. Article controlling as to proceedings involving validity
§ 15.2-2651. Proceeding by political subdivision to establish validity; procedure; parties defendant
§ 15.2-2652. Service by publication of motion for judgment; parties defendant
§ 15.2-2655. Consolidation of actions or proceedings
§ 15.2-2657. Decree validating bonds binding and conclusive
§ 15.2-2658. Bonds invalidated only for substantial defects, etc.; matters of form disregarded
§ 15.2-2660. Bonds not affected by project undertaken
§ 15.2-2661. Provisions of chapter controlling; powers conferred are additional