2006 Code of Virginia § 22.1-123 - Petty cash funds; payment of claims from petty cash

22.1-123. Petty cash funds; payment of claims from petty cash.

Any school board may by resolution establish one or more petty cash funds,not exceeding $2,000 each, for the payment of claims arising from commitmentsmade pursuant to provisions of law.

A school board may appoint an agent or other person who shall be authorizedonly to approve payment of claims arising from commitments made pursuant toprovisions of law from such petty cash funds as may be established by theschool board. Any agent or person into whose hands any such fund is placedmay pay such claims therefrom without necessity of prior receipt and audit ofthe claims by the school board and without approval and issuance of thewarrant of the school board.

The clerk of the school board shall report this action to the school board orto any appointed agent of the school board for approval and reimbursement atleast within thirty days of the month following the month in which any claimhas been paid.

Any agent or person into whose hands such fund is placed shall give bond withsurety in the amount of $4,000, provided that additional bond shall not berequired of any agent or person already bonded in the required amount.

(Code 1950, 22-74; 1972, c. 462; 1976, c. 18; 1980, c. 559; 1985, c. 194;1991, c. 386; 1994, c. 55.)