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2001 SESSION

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016111868
HOUSE BILL NO. 1933 Offered January 10, 2001 Prefiled January 8, 2001 A BILL to amend and reenact § 24.2-905 of the Code of Virginia, relating to campaign contributions and expenditures; petty cash funds. ---------- Patron-- Nixon ---------- Referred to Committee on Privileges and Elections ----------

Be it enacted by the General Assembly of Virginia:

1. That § 24.2-905 of the Code of Virginia is amended and reenacted as follows:

§ 24.2-905. Campaign depositories; petty cash fund.

All funds and monetary contributions received by the candidate or his campaign committee, as soon as practicable after receipt thereof and within five days of the receipt thereof, shall be deposited by the treasurer in the designated campaign depository in an account properly identifying the name of and the existence of the political candidacy. No candidate, campaign treasurer, or other individual shall pay any expense on behalf of a candidate, directly or indirectly, except by a check from drawn on such designated depository with printing to identify the name of the political candidacy. However, a treasurer (i) may establish a petty cash fund to be utilized for the purpose of making expenditures or reimbursing verified credit card expenditures of less than one hundred dollars if complete records of such expenditures are maintained as required by this chapter and (ii) may transfer funds from the designated campaign depository to an account or instrument to earn interest on the funds so long as the transferred funds and earned interest are returned to the designated depository account, complete records are maintained, and all expenditures are made through the designated depository account. No cash expenditures shall be made on the day of an election in which the candidate is participating or during the forty-eight hours prior to that election day. Total expenditures from the petty cash fund shall not exceed $500 during the year of the election.