CODE OF VIRGINIA

INTEREST ON A FUND BELONGS TO THE FUND; EXCEPTION (§ 58.1-3142)

Whenever the treasurer receives interest on funds belonging to the Commonwealth
or to any political subdivision thereof, such interest shall become a part of
the principal of the particular fund on which such interest accrued and shall be
accounted for by the treasurer in the same manner as he is required by law to
account for the principal. However, the governing body of any county or city may
direct that the interest received from general obligation bond proceeds invested
be credited to the general fund of such county or city. Any treasurer violating
this section shall be deemed guilty of a Class 1 misdemeanor.

HISTORY: Code 1950, § 58-930; 1970, c. 582; 1984, c. 675.