8426

INVESTMENT EARNINGS FROM CAPITAL AND LOCAL FUNDS

8426

Interest earned on deposits and investments shall be credited to the fund whose cash is deposited or invested. Cash of several funds may be combined for deposit or investment if not otherwise prohibited by law; and when such joint deposits or investments are made, interest earned shall be prorated and credited to the various funds on the basis of the amounts thereof invested, figured according to an average periodic balance or some other sound accounting principle. Interest earned on the deposit or investment of bond funds shall be deemed a part of the bond proceeds.

Legal Reference: G.S. 115C-443

Adopted: December 13, 1976

Revised: October 21, 1996