2006 Code of Virginia § 22.1-114 - Town school division\'s share of general county funds

22.1-114. Town school division's share of general county funds.

For the benefit of each school division composed of a town, the governingbody of the county in which such town is located shall require the countytreasurer to pay over to the town treasurer, if and when properly bonded, thefollowing funds to be placed in the general fund of the town, subject toappropriation by the governing body of the town as it may deem necessary:

From the amount derived from a general or unit levy for all county purposes,a sum equal to such town's pro rata share of the general or unit levyreceipts derived from the taxable property within the town, including realestate, tangible personal property, merchants' capital and machinery andtools. The pro rata share of the town shall be determined by allocating tothe town the same percentage of general or unit levy receipts as isappropriated by the county governing body for the support of public schools.

(Code 1950, 22-141.2; 1972, c. 746; 1980, c. 559.)