{"law_id":"772117","section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","history":"Code 1950, \u00a7 15-666.48; 1958, c. 640; 1960, c. 92; 1962, c. 623, \u00a7 15.1-207; 1988, c. 834; 1991, c. 668, \u00a7 15.1-227.21; 1997, c. 587.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/15.2-2619\/","refers_to":[{"id":"791960","section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","url":"\/2.2-4500\/"}],"url":"\/15.2-2619\/","token":"15.2\/II\/26\/2\/15.2-2619","structure":{"1":{"id":"280","name":"Provisions Applicable To All Bonds","identifier":"2","label":"article","url":"\/15.2\/II\/26\/2\/"},"2":{"id":"279","name":"Public Finance Act","identifier":"26","label":"chapter","url":"\/15.2\/II\/26\/"},"3":{"id":"62","name":"Powers Of Local Government","identifier":"II","label":"subtitle","url":"\/15.2\/II\/"},"4":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"772117","structure_id":"280","full_text":"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 (\u00a7 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.","text":{"0":{"id":"2488927","text":"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 (\u00a7 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.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":{"1":{"id":"280","name":"Provisions Applicable To All Bonds","identifier":"2","label":"article","url":"\/15.2\/II\/26\/2\/"},"2":{"id":"279","name":"Public Finance Act","identifier":"26","label":"chapter","url":"\/15.2\/II\/26\/"},"3":{"id":"62","name":"Powers Of Local Government","identifier":"II","label":"subtitle","url":"\/15.2\/II\/"},"4":{"id":"46","name":"Counties, Cities And Towns","identifier":"15.2","label":"title","url":"\/15.2\/"}},"structure_contents":{"0":{"id":"772263","structure_id":"280","section_number":"15.2-2604","catch_line":"Powers generally","url":"\/15.2-2604\/","token":"15.2\/II\/26\/2\/15.2-2604"},"1":{"id":"778909","structure_id":"280","section_number":"15.2-2605","catch_line":"Collection of rents and charges; liens on real estate; discharge and enforcement of liens","url":"\/15.2-2605\/","token":"15.2\/II\/26\/2\/15.2-2605"},"2":{"id":"778724","structure_id":"280","section_number":"15.2-2606","catch_line":"Public hearing before issuance of bonds","url":"\/15.2-2606\/","token":"15.2\/II\/26\/2\/15.2-2606"},"3":{"id":"765145","structure_id":"280","section_number":"15.2-2607","catch_line":"Provisions which may be embodied in bond ordinances or resolution; adoption; filing copy with court","url":"\/15.2-2607\/","token":"15.2\/II\/26\/2\/15.2-2607"},"4":{"id":"768099","structure_id":"280","section_number":"15.2-2608","catch_line":"Bonds for revenue-producing undertakings","url":"\/15.2-2608\/","token":"15.2\/II\/26\/2\/15.2-2608"},"5":{"id":"793308","structure_id":"280","section_number":"15.2-2609","catch_line":"Covenants relating to issuance of revenue bonds","url":"\/15.2-2609\/","token":"15.2\/II\/26\/2\/15.2-2609"},"6":{"id":"770195","structure_id":"280","section_number":"15.2-2610","catch_line":"Request for referendum filed with court; order for election; notice","url":"\/15.2-2610\/","token":"15.2\/II\/26\/2\/15.2-2610"},"7":{"id":"788631","structure_id":"280","section_number":"15.2-2611","catch_line":"Holding of election; order authorizing bonds; authority of governing body","url":"\/15.2-2611\/","token":"15.2\/II\/26\/2\/15.2-2611"},"8":{"id":"775407","structure_id":"280","section_number":"15.2-2612","catch_line":"Dating; rate of interest; maturity; denomination; place of payment","url":"\/15.2-2612\/","token":"15.2\/II\/26\/2\/15.2-2612"},"9":{"id":"791455","structure_id":"280","section_number":"15.2-2613","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/15.2-2613\/","token":"15.2\/II\/26\/2\/15.2-2613"},"10":{"id":"777428","structure_id":"280","section_number":"15.2-2614","catch_line":"Bearer, registered or book entry form","url":"\/15.2-2614\/","token":"15.2\/II\/26\/2\/15.2-2614"},"11":{"id":"782193","structure_id":"280","section_number":"15.2-2615","catch_line":"Bonds deemed negotiable instruments","url":"\/15.2-2615\/","token":"15.2\/II\/26\/2\/15.2-2615"},"12":{"id":"784413","structure_id":"280","section_number":"15.2-2616","catch_line":"Interim receipts or temporary bonds exchangeable for definitive bonds","url":"\/15.2-2616\/","token":"15.2\/II\/26\/2\/15.2-2616"},"13":{"id":"785093","structure_id":"280","section_number":"15.2-2617","catch_line":"Sale of bonds","url":"\/15.2-2617\/","token":"15.2\/II\/26\/2\/15.2-2617"},"14":{"id":"784697","structure_id":"280","section_number":"15.2-2618","catch_line":"Disposition of proceeds; separate fund","url":"\/15.2-2618\/","token":"15.2\/II\/26\/2\/15.2-2618"},"15":{"id":"772117","structure_id":"280","section_number":"15.2-2619","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/15.2-2619\/","token":"15.2\/II\/26\/2\/15.2-2619"},"16":{"id":"795644","structure_id":"280","section_number":"15.2-2620","catch_line":"Bonds made legal investments","url":"\/15.2-2620\/","token":"15.2\/II\/26\/2\/15.2-2620"},"17":{"id":"790675","structure_id":"280","section_number":"15.2-2621","catch_line":"Bonds mutilated, lost or destroyed","url":"\/15.2-2621\/","token":"15.2\/II\/26\/2\/15.2-2621"},"18":{"id":"765468","structure_id":"280","section_number":"15.2-2622","catch_line":"Destruction of bonds and coupons after payment in full","url":"\/15.2-2622\/","token":"15.2\/II\/26\/2\/15.2-2622"},"19":{"id":"781156","structure_id":"280","section_number":"15.2-2623","catch_line":"Defeasance of indebtedness; rights of owners","url":"\/15.2-2623\/","token":"15.2\/II\/26\/2\/15.2-2623"},"20":{"id":"792572","structure_id":"280","section_number":"15.2-2624","catch_line":"Tax to pay principal and interest","url":"\/15.2-2624\/","token":"15.2\/II\/26\/2\/15.2-2624"},"21":{"id":"787511","structure_id":"280","section_number":"15.2-2625","catch_line":"Deposit of funds; security; investment of funds","url":"\/15.2-2625\/","token":"15.2\/II\/26\/2\/15.2-2625"},"22":{"id":"788202","structure_id":"280","section_number":"15.2-2626","catch_line":"Contracts concerning interest rates, currency, cash flow or other basis","url":"\/15.2-2626\/","token":"15.2\/II\/26\/2\/15.2-2626"},"23":{"id":"782436","structure_id":"280","section_number":"15.2-2627","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-2627\/","token":"15.2\/II\/26\/2\/15.2-2627"},"24":{"id":"794333","structure_id":"280","section_number":"15.2-2628","catch_line":"Notes in anticipation of bond issue","url":"\/15.2-2628\/","token":"15.2\/II\/26\/2\/15.2-2628"},"25":{"id":"768732","structure_id":"280","section_number":"15.2-2629","catch_line":"Loans to meet appropriations for current year","url":"\/15.2-2629\/","token":"15.2\/II\/26\/2\/15.2-2629"},"26":{"id":"767349","structure_id":"280","section_number":"15.2-2630","catch_line":"Loans in anticipation of federal and state funds","url":"\/15.2-2630\/","token":"15.2\/II\/26\/2\/15.2-2630"},"27":{"id":"795844","structure_id":"280","section_number":"15.2-2631","catch_line":"Terms of temporary loans","url":"\/15.2-2631\/","token":"15.2\/II\/26\/2\/15.2-2631"}},"previous_section":{"id":"784697","structure_id":"280","section_number":"15.2-2618","catch_line":"Disposition of proceeds; separate fund","url":"\/15.2-2618\/","token":"15.2\/II\/26\/2\/15.2-2618"},"next_section":{"id":"795644","structure_id":"280","section_number":"15.2-2620","catch_line":"Bonds made legal investments","url":"\/15.2-2620\/","token":"15.2\/II\/26\/2\/15.2-2620"},"references":false,"formats":{"txt":"\/15.2-2619.txt","json":"\/15.2-2619.json","xml":"\/15.2-2619.xml"},"dublin_core":{"Title":"Investment of proceeds pending application to authorized purpose","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2619","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nINVESTMENT OF PROCEEDS PENDING APPLICATION TO AUTHORIZED PURPOSE (\u00a7 15.2-2619)\n\nPending the application of the proceeds of any bonds authorized under the\nprovisions of this chapter to the purpose or purposes for which the bonds have\nbeen authorized, all or any part of the proceeds may be invested, in accordance\nwith Chapter 45 (\u00a7 2.2-4500 et seq.) of Title 2.2. Any security purchased as an\ninvestment of the proceeds of bonds shall be deemed at all times to be a part of\nthe proceeds, and the interest accruing on the investment and any profit\nrealized from it shall be credited to the proceeds; provided, however, if\nauthorized by resolution of the governing body, the locality may apply the\ninterest accruing on the investment and any profit realized from it to pay costs\nas defined by this chapter.\n\nHISTORY: Code 1950, \u00a7 15-666.48; 1958, c. 640; 1960, c. 92; 1962, c. 623, \u00a7\n15.1-207; 1988, c. 834; 1991, c. 668, \u00a7 15.1-227.21; 1997, c. 587."}