§ 15.2-1512.1. Disposition of property received by subdivisions as result ofconversion of mutual insurance company to stock corporation.
The governing body of each locality that receives cash, shares of stock, orboth, as a result of the conversion of Blue Cross and Blue Shield ofVirginia, doing business as Trigon Blue Cross Blue Shield (hereafter referredto as Trigon), from a mutual insurance company to a stock corporation knownas Trigon Healthcare, Inc., by reason of its school division's status as apresent or former group policyholder of Trigon shall, by appropriateordinance or resolution, authorize the treasurer of such locality to createtwo separate funds upon the books of the locality, as hereinafter described.Upon the enactment or adoption of such ordinance or resolution, the treasurerof the locality shall place all such stock, including any proceeds derivedfrom the sale or other conveyance of any such stock, and cash, into theseseparate funds. The stock or proceeds and cash shall be divided equallybetween the two separate funds set forth in subsections A and B of thissection; however, (i) the local governing body may place a greater proportionor all of the stock or proceeds and cash in the fund described in subsectionA, with the consent of the school board and (ii) if on or before January 1,1997, a school board has requested and the local governing body has approvedthe allocation of the proceeds from the sale of its stock for a schoolconstruction or renovation project, the remainder of such proceeds shall beused to create a fund to offset health insurance premium increases incurredby the present and future employees of the school board and governing body.
A. The first fund shall be known as the "County/City of __________________Schools Health Insurance Premium Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely to offset health insurance premium expenses incurred by or onbehalf of present and future employees of the school division of thelocality; however, the governing body of the locality may use a portion ofthe principal placed into the fund, a portion of the income arising from orattributable to the fund, or both, to compensate present or future retiredemployees of the school division of the locality for (i) health insurancepremium expenses payable by the retired employees, (ii) health insurancepremium expenses paid for by such retired employees for periods prior to July1, 1997, during which the retired employees were insured under a healthinsurance policy through the school division of the locality as a grouppolicyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any,as the governing body shall determine appropriate. No disbursement from thefund may be made except upon specific appropriation by the governing body inaccordance with applicable law.
B. The second fund, if any, shall be known as the "County/City of__________________ School Construction, Renovation, Maintenance, CapitalOutlay, and Debt Service Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely for the purposes of school construction, school renovation, majorschool maintenance, capital outlay, and debt service in the public schools ofthe locality. No disbursement from this fund may be made except upon specificappropriation by the governing body in accordance with applicable law.
C. All stock or proceeds and cash placed into separate funds pursuant to theprovisions of this act, including all income arising from or attributable tosuch funds, shall be deemed public funds of the locality and shall be subjectto all limitations upon deposit and investment provided by general law,including without limitation the Virginia Security for Public Deposits Act (§2.2-4400 et seq.). Income, dividends, distributions and sale proceedsaccruing to the separate funds shall be retained in the funds and may beexpended only in accordance with the terms of this act.
D. Any funds transferred by the Department of Human Resource Management to aparticipating employer upon its withdrawal from a plan or plans as providedin subsection F of § 2.2-1204 of the Code of Virginia shall be (i) placed inthe separate funds described in subsections A and B of this section if thewithdrawing employer is a school board or school division or (ii) depositedin the general fund of the locality if the withdrawing employer is not aschool board or school division.
(1997, cc. 803, 888, 891, § 15.1-52.1; 1998, c. 256; 2000, cc. 66, 657.)
§ 15.2-1512.1. Disposition of property received by subdivisions as result ofconversion of mutual insurance company to stock corporation.
The governing body of each locality that receives cash, shares of stock, orboth, as a result of the conversion of Blue Cross and Blue Shield ofVirginia, doing business as Trigon Blue Cross Blue Shield (hereafter referredto as Trigon), from a mutual insurance company to a stock corporation knownas Trigon Healthcare, Inc., by reason of its school division's status as apresent or former group policyholder of Trigon shall, by appropriateordinance or resolution, authorize the treasurer of such locality to createtwo separate funds upon the books of the locality, as hereinafter described.Upon the enactment or adoption of such ordinance or resolution, the treasurerof the locality shall place all such stock, including any proceeds derivedfrom the sale or other conveyance of any such stock, and cash, into theseseparate funds. The stock or proceeds and cash shall be divided equallybetween the two separate funds set forth in subsections A and B of thissection; however, (i) the local governing body may place a greater proportionor all of the stock or proceeds and cash in the fund described in subsectionA, with the consent of the school board and (ii) if on or before January 1,1997, a school board has requested and the local governing body has approvedthe allocation of the proceeds from the sale of its stock for a schoolconstruction or renovation project, the remainder of such proceeds shall beused to create a fund to offset health insurance premium increases incurredby the present and future employees of the school board and governing body.
A. The first fund shall be known as the "County/City of __________________Schools Health Insurance Premium Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely to offset health insurance premium expenses incurred by or onbehalf of present and future employees of the school division of thelocality; however, the governing body of the locality may use a portion ofthe principal placed into the fund, a portion of the income arising from orattributable to the fund, or both, to compensate present or future retiredemployees of the school division of the locality for (i) health insurancepremium expenses payable by the retired employees, (ii) health insurancepremium expenses paid for by such retired employees for periods prior to July1, 1997, during which the retired employees were insured under a healthinsurance policy through the school division of the locality as a grouppolicyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any,as the governing body shall determine appropriate. No disbursement from thefund may be made except upon specific appropriation by the governing body inaccordance with applicable law.
B. The second fund, if any, shall be known as the "County/City of__________________ School Construction, Renovation, Maintenance, CapitalOutlay, and Debt Service Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely for the purposes of school construction, school renovation, majorschool maintenance, capital outlay, and debt service in the public schools ofthe locality. No disbursement from this fund may be made except upon specificappropriation by the governing body in accordance with applicable law.
C. All stock or proceeds and cash placed into separate funds pursuant to theprovisions of this act, including all income arising from or attributable tosuch funds, shall be deemed public funds of the locality and shall be subjectto all limitations upon deposit and investment provided by general law,including without limitation the Virginia Security for Public Deposits Act (§2.2-4400 et seq.). Income, dividends, distributions and sale proceedsaccruing to the separate funds shall be retained in the funds and may beexpended only in accordance with the terms of this act.
D. Any funds transferred by the Department of Human Resource Management to aparticipating employer upon its withdrawal from a plan or plans as providedin subsection F of § 2.2-1204 of the Code of Virginia shall be (i) placed inthe separate funds described in subsections A and B of this section if thewithdrawing employer is a school board or school division or (ii) depositedin the general fund of the locality if the withdrawing employer is not aschool board or school division.
(1997, cc. 803, 888, 891, § 15.1-52.1; 1998, c. 256; 2000, cc. 66, 657.)
§ 15.2-1512.1. Disposition of property received by subdivisions as result ofconversion of mutual insurance company to stock corporation.
The governing body of each locality that receives cash, shares of stock, orboth, as a result of the conversion of Blue Cross and Blue Shield ofVirginia, doing business as Trigon Blue Cross Blue Shield (hereafter referredto as Trigon), from a mutual insurance company to a stock corporation knownas Trigon Healthcare, Inc., by reason of its school division's status as apresent or former group policyholder of Trigon shall, by appropriateordinance or resolution, authorize the treasurer of such locality to createtwo separate funds upon the books of the locality, as hereinafter described.Upon the enactment or adoption of such ordinance or resolution, the treasurerof the locality shall place all such stock, including any proceeds derivedfrom the sale or other conveyance of any such stock, and cash, into theseseparate funds. The stock or proceeds and cash shall be divided equallybetween the two separate funds set forth in subsections A and B of thissection; however, (i) the local governing body may place a greater proportionor all of the stock or proceeds and cash in the fund described in subsectionA, with the consent of the school board and (ii) if on or before January 1,1997, a school board has requested and the local governing body has approvedthe allocation of the proceeds from the sale of its stock for a schoolconstruction or renovation project, the remainder of such proceeds shall beused to create a fund to offset health insurance premium increases incurredby the present and future employees of the school board and governing body.
A. The first fund shall be known as the "County/City of __________________Schools Health Insurance Premium Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely to offset health insurance premium expenses incurred by or onbehalf of present and future employees of the school division of thelocality; however, the governing body of the locality may use a portion ofthe principal placed into the fund, a portion of the income arising from orattributable to the fund, or both, to compensate present or future retiredemployees of the school division of the locality for (i) health insurancepremium expenses payable by the retired employees, (ii) health insurancepremium expenses paid for by such retired employees for periods prior to July1, 1997, during which the retired employees were insured under a healthinsurance policy through the school division of the locality as a grouppolicyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any,as the governing body shall determine appropriate. No disbursement from thefund may be made except upon specific appropriation by the governing body inaccordance with applicable law.
B. The second fund, if any, shall be known as the "County/City of__________________ School Construction, Renovation, Maintenance, CapitalOutlay, and Debt Service Fund." All principal placed into this fund,together with all income arising from or attributable to the fund, shall beused solely for the purposes of school construction, school renovation, majorschool maintenance, capital outlay, and debt service in the public schools ofthe locality. No disbursement from this fund may be made except upon specificappropriation by the governing body in accordance with applicable law.
C. All stock or proceeds and cash placed into separate funds pursuant to theprovisions of this act, including all income arising from or attributable tosuch funds, shall be deemed public funds of the locality and shall be subjectto all limitations upon deposit and investment provided by general law,including without limitation the Virginia Security for Public Deposits Act (§2.2-4400 et seq.). Income, dividends, distributions and sale proceedsaccruing to the separate funds shall be retained in the funds and may beexpended only in accordance with the terms of this act.
D. Any funds transferred by the Department of Human Resource Management to aparticipating employer upon its withdrawal from a plan or plans as providedin subsection F of § 2.2-1204 of the Code of Virginia shall be (i) placed inthe separate funds described in subsections A and B of this section if thewithdrawing employer is a school board or school division or (ii) depositedin the general fund of the locality if the withdrawing employer is not aschool board or school division.
(1997, cc. 803, 888, 891, § 15.1-52.1; 1998, c. 256; 2000, cc. 66, 657.)
