Code of Virginia § 2.2-4604. Interfund pooling for investment purposes.
96 words·~1 min read·
/va/title-2-2/chapter-46/2-2-4604A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Local officials handling public funds may effect temporary transfers among separate funds for the purpose of pooling amounts available for investment. This pooling may be accomplished through interfund advances and other appropriate means consistent with recognized principles of governmental accounting provided that
(i)moneys are available for the investment period required;
(ii)the investment fund can repay the advance by the time needed;
(iii)the transactions are fully and promptly recorded; and
(iv)the interest earned is credited to the loaning or advancing jurisdiction.
1980, c. 538, § 2.1-234.6; 1981, c. 583; 2001, c. 844 .