2006 Code of Virginia § 22.1-161.5 - Investment of proceeds pending application to authorized purpose

22.1-161.5. Investment of proceeds pending application to authorizedpurpose.

Pending the application of the proceeds of any bonds issued under theprovisions of this chapter to the purpose for which such bonds have beenissued, all or any part of such proceeds may be invested, upon resolution ofthe school board, in securities that are legal investments under the laws ofthis Commonwealth for public sinking funds, which shall mature, or whichshall be subject to redemption by the holder thereof at the option of suchholder, not later than the date on which the moneys will be required to makethe payments for which such moneys have been designated. Any security sopurchased as investment of the proceeds of such bonds shall be deemed at alltimes to be a part of such proceeds, and the interest accruing thereon andany profit realized from such investment shall be credited to such proceeds.Any security so purchased shall be held by the treasurer or chief financialofficer of the county, city or town, and shall be sold by him upon resolutionof the school board directing such sale, at the best price obtainable, orpresented for redemption, whenever it shall be necessary, as determined bysuch resolution, in order to provide moneys to meet the purpose for which thebonds shall have been issued.

(1995, c. 250.)