CHAPTER 278

AN ACT to amend and reenact § 15-605.10 as amended, of the Code of
Virginia, relating to investment of proceeds of certain bond issues
pending application to authorized purpose. 8 a0

[S 210]

Approved March 11, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 15-605.10, as amended, of the Code of Virginia, be amended
and reenacted as follows:

§ 15-605.10. Pending the application of the proceeds of any bonds
authorized under the provisions of this article to the purpose or purposes
for which such bonds have been authorized, all or any part of such proceeds
may be invested, upon resolution of the governing body of the county
authorizing such bonds, in securities that are legal investments under
the laws of the Commonwealth for public sinking funds, which shall
mature, or which shall be subject to the redemption by the holder thereof
at the option of such holder, not later than eighteen months after the date
of such investment. 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 pur-
chased shall be held by the treasurer of the county as custodian thereof or
by the trust department of a bank or trust company, designated by the
governing body of the county and authorized to conduct a trust business
in this State, as custodian thereof in safe keeping for the account of the
treasurer, and shall be sold by the county treasurer upon resolution of
the governing board of the county directing such sale, at the best price
obtainable, or presented for redemption, whenever it shall be necessary, as
determined by such resolution, so to do in order to provide moneys to meet
the purposes for which the bonds of the county shall have been authorized.