Virginia § 2.2-4604 Interfund pooling for investment purposes

Virginia Statutes

§ 2.2-4604 — Interfund pooling for investment purposes

Virginia § 2.2-4604

JurisdictionVirginia

Title 2.2ADMINISTRATION OF GOVERNMENT

Subtitle IIADMINISTRATION OF STATE GOVERNMENT

Ch. 46LOCAL GOVERNMENT INVESTMENT POOL ACT

Part BTRANSACTION OF PUBLIC BUSINESS

This text of Virginia § 2.2-4604 (Interfund pooling for investment purposes) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 2.2-4604 (2026).

Text

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.

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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.