Code of Virginia § 3.2-3106. Tobacco Indemnification and Community Revitalization Fund; tax credits for technology industries in tobacco-dependent localities.

355 words·~2 min read·/va/title-3-2/chapter-31/3-2-3106

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Money received by the Commonwealth pursuant to the Master Settlement Agreement shall be deposited into the state treasury subject to the special nonreverting funds established by subsection B and by §§ 3.2-3104 and 32.1-360 .

B. There is created in the state treasury a special nonreverting fund to be known as the Tobacco Indemnification and Community Revitalization Fund. The Fund shall be established on the books of the Comptroller. Subject to the sale of all or any portion of the Commission Allocation, 50 percent of the annual amount received by the Commonwealth from the Master Settlement Agreement shall be paid into the state treasury and credited to the Fund. In the event of such sale:

(i)the Commission Allocation shall be paid in accordance with the agreement for the period of sale; and

(ii)the Fund shall receive the amounts withdrawn from the Endowment in accordance with § 3.2-3104 . Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes described in this chapter. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written authorization signed by the chairman of the Commission or his designee. The Fund shall also consist of other moneys received by the Commission, from any source, for the purpose of implementing the provisions of this chapter.

C. The obligations of the Commission shall not be a debt or grant or loan of credit of the Commonwealth, and the Commonwealth shall not be liable thereon, nor shall such obligations be payable out of any funds other than those credited to the Fund.

1999, cc. 880 , 962 , § 9-385; 2000, c. 1042 ; 2001, cc. 807 , 844 , § 3.1-1111; 2002, cc. 482 , 488 ; 2004, Sp. Sess. I, c. 1 ; 2008, c. 860 ; 2016, c. 305 .