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Virginia Law

Code of Virginia

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Code of Virginia
Title 58.1. Taxation
Chapter 31. Local Officers
11/5/2024

§ 58.1-3142. Interest on a fund belongs to the fund; exception.

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.

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

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.