2006 Code of Virginia § 3.1-1111 - Tobacco Indemnification and Community Revitalization Fund; tax credits for technology industries i...

3.1-1111. Tobacco Indemnification and Community Revitalization Fund; taxcredits for technology industries in tobacco-dependent localities.

A. Money received by the Commonwealth pursuant to the Master SettlementAgreement shall be deposited into the state treasury subject to the specialnonreverting funds established by subsection B and by 3.1-1109.1 and32.1-360.

B. There is created in the state treasury a special nonreverting fund to beknown as the Tobacco Indemnification and Community Revitalization Fund. TheFund shall be established on the books of the Comptroller. Subject to thesale of all or any portion of the Commission Allocation, 50 percent of theannual amount received by the Commonwealth from the Master SettlementAgreement shall be paid into the state treasury and credited to the Fund. Inthe event of such sale (i) the Commission Allocation shall be paid inaccordance with the agreement for the period of sale and (ii) the Fund shallreceive the amounts withdrawn from the Endowment in accordance with 3.1-1109.1. Interest earned on moneys in the Fund shall remain in the Fundand be credited to it. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund. Moneys in the Fund shall be used solely for thepurposes described in this chapter; however, starting with the fiscal yearbeginning July 1, 2000, through December 31, 2009, the Commission may depositmoneys from the Fund into the Technology Initiative in Tobacco-DependentLocalities Fund, established under 58.1-439.15, for purposes of funding thetax credits provided in 58.1-439.13 and 58.1-439.14 and the grantsprovided in 58.1-439.17. Expenditures and disbursements from the Fund shallbe made by the State Treasurer on warrants issued by the Comptroller uponwritten authorization signed by the chairman of the Commission or hisdesignee. The Fund shall also consist of other moneys received by theCommission, from any source, for the purpose of implementing the provisionsof this chapter.

C. The obligations of the Commission shall not be a debt or grant or loan ofcredit of the Commonwealth of Virginia, and the Commonwealth shall not beliable thereon, nor shall such obligations be payable out of any funds otherthan those credited to the Fund.

(1999, cc. 880, 962, 9-385; 2000, c. 1042; 2001, cc. 807, 844; 2002, cc.482, 488; 2004, Sp. Sess. I, c. 1.)