36-83-6. Interfund pooling for investment purposes.

Local governments may effect and are encouraged to 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, if:#

1. (1)

   Moneys are available for the investment period required;#

2. (2)

   The investment fund can repay the advance by the time needed;#

3. (3)

   The transactions are fully and promptly recorded;#

4. (4)

   The interest earned is credited to the loaning or advancing fund; and#

5. (5)

   The transaction does not violate subsection (d) of Code Section 36-83-8 with respect to prior agreements, laws, or covenants which may restrict pooling.#