{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/22.1-161.5.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/22.1-161.5.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/22.1-161.5.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/22.1-161.5.html"}],"law_id":354278,"edition_id":2,"section_id":354278,"structure_id":50698,"section_number":"22.1-161.5","catch_line":"Investment of proceeds pending application to authorized purpose","history":"1995, c. 250.","full_text":"Pending the application of the proceeds of any bonds issued under the provisions of this chapter to the purpose for which such bonds have been issued, all or any part of such proceeds may be invested, upon resolution of the school board, in securities that are legal investments under the laws of this Commonwealth for public sinking funds, which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder, not later than the date on which the moneys will be required to make the payments for which such moneys have been designated. Any security so purchased as investment of the proceeds of such bonds shall be deemed at all times to be a part of such proceeds, and the interest accruing thereon and any profit realized from such investment shall be credited to such proceeds. Any security so purchased shall be held by the treasurer or chief financial officer of the county, city or town, and shall be sold by him upon resolution of the school board directing such sale, at the best price obtainable, or presented for redemption, whenever it shall be necessary, as determined by such resolution, in order to provide moneys to meet the purpose for which the bonds shall have been issued.\n\n","order_by":null,"text":{"0":{"id":1318891,"text":"Pending the application of the proceeds of any bonds issued under the provisions of this chapter to the purpose for which such bonds have been issued, all or any part of such proceeds may be invested, upon resolution of the school board, in securities that are legal investments under the laws of this Commonwealth for public sinking funds, which shall mature, or which shall be subject to redemption by the holder thereof at the option of such holder, not later than the date on which the moneys will be required to make the payments for which such moneys have been designated. Any security so purchased as investment of the proceeds of such bonds shall be deemed at all times to be a part of such proceeds, and the interest accruing thereon and any profit realized from such investment shall be credited to such proceeds. Any security so purchased shall be held by the treasurer or chief financial officer of the county, city or town, and shall be sold by him upon resolution of the school board directing such sale, at the best price obtainable, or presented for redemption, whenever it shall be necessary, as determined by such resolution, in order to provide moneys to meet the purpose for which the bonds shall have been issued.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50698,"edition_id":2,"name":"Borrowing by School Boards From Virginia Retirement System","identifier":"10.1","label":"chapter","depth":2,"order_by":12,"parent_id":50682,"metadata":{"child_laws":8,"child_structures":0},"date_created":"2026-08-02 02:31:37","date_modified":"2026-08-02 12:31:02","permalink":{"id":1408109,"object_type":"structure","relational_id":50698,"identifier":"10.1","token":"22.1\/10.1","url":"\/22.1\/10.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50682,"edition_id":2,"name":"Education","identifier":"22.1","label":"title","depth":1,"order_by":60,"parent_id":null,"metadata":{"child_laws":858,"child_structures":99},"date_created":"2026-08-02 02:31:28","date_modified":"2026-08-02 12:30:57","permalink":{"id":1407951,"object_type":"structure","relational_id":50682,"identifier":"22.1","token":"22.1","url":"\/22.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":354274,"structure_id":50698,"section_number":"22.1-161.1","catch_line":"Borrowing for capital projects for school purposes authorized","url":"\/22.1-161.1\/","token":"22.1\/10.1\/22.1-161.1","metadata":false},{"id":354275,"structure_id":50698,"section_number":"22.1-161.2","catch_line":"Resolution by school board; approval or rejection by governing body; indebtedness evidenced by bonds","url":"\/22.1-161.2\/","token":"22.1\/10.1\/22.1-161.2","metadata":false},{"id":354276,"structure_id":50698,"section_number":"22.1-161.3","catch_line":"Issuance of bonds; procedure; form and requirements","url":"\/22.1-161.3\/","token":"22.1\/10.1\/22.1-161.3","metadata":false},{"id":354277,"structure_id":50698,"section_number":"22.1-161.4","catch_line":"Disposition of proceeds from sale of bonds; separate fund","url":"\/22.1-161.4\/","token":"22.1\/10.1\/22.1-161.4","metadata":false},{"id":354278,"structure_id":50698,"section_number":"22.1-161.5","catch_line":"Investment of proceeds pending application to authorized purpose","url":"\/22.1-161.5\/","token":"22.1\/10.1\/22.1-161.5","metadata":false},{"id":354279,"structure_id":50698,"section_number":"22.1-161.6","catch_line":"Repealed","url":"\/22.1-161.6\/","token":"22.1\/10.1\/22.1-161.6","metadata":false},{"id":354280,"structure_id":50698,"section_number":"22.1-161.7","catch_line":"Tax to pay principal and interest on bonds","url":"\/22.1-161.7\/","token":"22.1\/10.1\/22.1-161.7","metadata":false},{"id":354281,"structure_id":50698,"section_number":"22.1-161.8","catch_line":"Bonds deemed negotiable instruments; sale of bonds by Trustees of Retirement System; bonds made legal investments","url":"\/22.1-161.8\/","token":"22.1\/10.1\/22.1-161.8","metadata":false}],"previous_section":{"id":354277,"structure_id":50698,"section_number":"22.1-161.4","catch_line":"Disposition of proceeds from sale of bonds; separate fund","url":"\/22.1-161.4\/","token":"22.1\/10.1\/22.1-161.4","metadata":false},"next_section":{"id":354279,"structure_id":50698,"section_number":"22.1-161.6","catch_line":"Repealed","url":"\/22.1-161.6\/","token":"22.1\/10.1\/22.1-161.6","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-161.5\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 250<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1408127,"object_type":"law","relational_id":354278,"identifier":"22.1-161.5","token":"22.1\/10.1\/22.1-161.5","url":"\/22.1-161.5\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/22.1-161.5\/","token":"22.1\/10.1\/22.1-161.5","dublin_core":{"Title":"Investment of proceeds pending application to authorized purpose","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-161.5","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Pending the application of the proceeds of any bonds<\/span> issued under the provisions of this chapter to the purpose for which such bonds<\/span> have been issued, all or any part of such proceeds may be invested, upon resolution of the school board<\/span>, in securities that are legal investments under the laws<\/span> of this Commonwealth for public sinking funds, which shall mature, or which shall be subject to redemption<\/span> by the holder thereof at the option of such holder, not later than the date on which the moneys will be required to make the payments for which such moneys have been designated. Any security so purchased as investment of the proceeds of such bonds<\/span> shall be deemed at all times to be a part of such proceeds, and the interest accruing thereon and any profit realized from such investment shall be credited to such proceeds. Any security so purchased shall be held by the treasurer or chief financial officer of the county, city or town, and shall be sold by him upon resolution of the school board<\/span> directing such sale, at the best price obtainable, or presented for redemption<\/span>, whenever it shall be necessary, as determined by such resolution, in order<\/span> to provide moneys to meet the purpose for which the bonds<\/span> shall have been issued.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF PROCEEDS PENDING APPLICATION TO AUTHORIZED PURPOSE (\u00a7 22.1-161.5)\n\nPending the application of the proceeds of any bonds issued under the provisions\nof this chapter to the purpose for which such bonds have been issued, all or any\npart of such proceeds may be invested, upon resolution of the school board, in\nsecurities that are legal investments under the laws of this Commonwealth for\npublic sinking funds, which shall mature, or which shall be subject to\nredemption by the holder thereof at the option of such holder, not later than\nthe date on which the moneys will be required to make the payments for which\nsuch moneys have been designated. Any security so purchased as investment of the\nproceeds of such bonds shall be deemed at all times to be a part of such\nproceeds, and the interest accruing thereon and any profit realized from such\ninvestment shall be credited to such proceeds. Any security so purchased shall\nbe held by the treasurer or chief financial officer of the county, city or town,\nand shall be sold by him upon resolution of the school board directing such\nsale, at the best price obtainable, or presented for redemption, whenever it\nshall be necessary, as determined by such resolution, in order to provide moneys\nto meet the purpose for which the bonds shall have been issued.\n\nHISTORY: 1995, c. 250.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}