§ 23-284. Commonwealth Health Research Fund established; administration.
A. There is hereby created in the State Treasury a special, nonrevertingrevolving fund to be known as the Commonwealth Health Research Fund. The Fundshall be established on the books of the State Comptroller.
B. The Fund shall consist of all stock and cash distributed to theCommonwealth as a policyholder pursuant to the conversion of Blue Cross andBlue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield,from a mutual insurance company to a Virginia stock corporation known asTrigon Healthcare, Inc., exclusive of (i) any such stock and cash distributedto the Commonwealth that is directly attributable to the health insuranceplan or plans established for employees of local governments, local officers,teachers, and retirees, and the dependents of such employees, officers,teachers and retirees, as provided in subsection F of § 2.2-1204, and (ii)cash paid by Blue Cross and Blue Shield of Virginia or its successor to theCommonwealth in connection with such conversion, which was assumed as generalfund revenue in Chapter 912 of the 1996 Acts of Assembly. The Fund shall alsoconsist of any moneys appropriated from the general fund, grants anddonations received by the Board, and other moneys received by the StateTreasurer and designated for deposit in the Fund. Interest and other incomeearned on the Fund shall be credited to the Fund. Any moneys remaining in theFund, including interest and other income thereon, at the end of each fiscalyear shall not revert to the general fund but shall remain in the Fund.
C. Notwithstanding any other provision of law, the moneys and other propertycomprising the Fund shall be invested, reinvested and managed by the Board ofthe Virginia Retirement System as provided in § 51.1-124.36. The StateTreasurer shall not be held liable for losses suffered by the VirginiaRetirement System on investments made under the authority of this section.
D. The Fund shall be expended solely for the purpose of supporting researchefforts approved by the Board and any other purpose permitted by this chapter.
E. An amount not to exceed six percent of the moving average of the marketvalue of the Fund calculated over the previous five years or since inception,whichever is shorter, on a one-year delayed basis, net of any administrativefee assessed pursuant to subsection E of § 51.1-124.36, may be expended in acalendar year for any purpose permitted by this chapter. The Board shall notbe required to expend such amount in a calendar year, and any amount up tosuch six percent that is not expended in a calendar year may be expended inany other calendar year.
F. The disbursement of moneys from the Fund shall be made by the StateComptroller at the written request of the Board.
(1997, cc. 803, 888, 891; 2000, cc. 675, 700; 2002, cc. 591, 612.)
§ 23-284. Commonwealth Health Research Fund established; administration.
A. There is hereby created in the State Treasury a special, nonrevertingrevolving fund to be known as the Commonwealth Health Research Fund. The Fundshall be established on the books of the State Comptroller.
B. The Fund shall consist of all stock and cash distributed to theCommonwealth as a policyholder pursuant to the conversion of Blue Cross andBlue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield,from a mutual insurance company to a Virginia stock corporation known asTrigon Healthcare, Inc., exclusive of (i) any such stock and cash distributedto the Commonwealth that is directly attributable to the health insuranceplan or plans established for employees of local governments, local officers,teachers, and retirees, and the dependents of such employees, officers,teachers and retirees, as provided in subsection F of § 2.2-1204, and (ii)cash paid by Blue Cross and Blue Shield of Virginia or its successor to theCommonwealth in connection with such conversion, which was assumed as generalfund revenue in Chapter 912 of the 1996 Acts of Assembly. The Fund shall alsoconsist of any moneys appropriated from the general fund, grants anddonations received by the Board, and other moneys received by the StateTreasurer and designated for deposit in the Fund. Interest and other incomeearned on the Fund shall be credited to the Fund. Any moneys remaining in theFund, including interest and other income thereon, at the end of each fiscalyear shall not revert to the general fund but shall remain in the Fund.
C. Notwithstanding any other provision of law, the moneys and other propertycomprising the Fund shall be invested, reinvested and managed by the Board ofthe Virginia Retirement System as provided in § 51.1-124.36. The StateTreasurer shall not be held liable for losses suffered by the VirginiaRetirement System on investments made under the authority of this section.
D. The Fund shall be expended solely for the purpose of supporting researchefforts approved by the Board and any other purpose permitted by this chapter.
E. An amount not to exceed six percent of the moving average of the marketvalue of the Fund calculated over the previous five years or since inception,whichever is shorter, on a one-year delayed basis, net of any administrativefee assessed pursuant to subsection E of § 51.1-124.36, may be expended in acalendar year for any purpose permitted by this chapter. The Board shall notbe required to expend such amount in a calendar year, and any amount up tosuch six percent that is not expended in a calendar year may be expended inany other calendar year.
F. The disbursement of moneys from the Fund shall be made by the StateComptroller at the written request of the Board.
(1997, cc. 803, 888, 891; 2000, cc. 675, 700; 2002, cc. 591, 612.)
§ 23-284. Commonwealth Health Research Fund established; administration.
A. There is hereby created in the State Treasury a special, nonrevertingrevolving fund to be known as the Commonwealth Health Research Fund. The Fundshall be established on the books of the State Comptroller.
B. The Fund shall consist of all stock and cash distributed to theCommonwealth as a policyholder pursuant to the conversion of Blue Cross andBlue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield,from a mutual insurance company to a Virginia stock corporation known asTrigon Healthcare, Inc., exclusive of (i) any such stock and cash distributedto the Commonwealth that is directly attributable to the health insuranceplan or plans established for employees of local governments, local officers,teachers, and retirees, and the dependents of such employees, officers,teachers and retirees, as provided in subsection F of § 2.2-1204, and (ii)cash paid by Blue Cross and Blue Shield of Virginia or its successor to theCommonwealth in connection with such conversion, which was assumed as generalfund revenue in Chapter 912 of the 1996 Acts of Assembly. The Fund shall alsoconsist of any moneys appropriated from the general fund, grants anddonations received by the Board, and other moneys received by the StateTreasurer and designated for deposit in the Fund. Interest and other incomeearned on the Fund shall be credited to the Fund. Any moneys remaining in theFund, including interest and other income thereon, at the end of each fiscalyear shall not revert to the general fund but shall remain in the Fund.
C. Notwithstanding any other provision of law, the moneys and other propertycomprising the Fund shall be invested, reinvested and managed by the Board ofthe Virginia Retirement System as provided in § 51.1-124.36. The StateTreasurer shall not be held liable for losses suffered by the VirginiaRetirement System on investments made under the authority of this section.
D. The Fund shall be expended solely for the purpose of supporting researchefforts approved by the Board and any other purpose permitted by this chapter.
E. An amount not to exceed six percent of the moving average of the marketvalue of the Fund calculated over the previous five years or since inception,whichever is shorter, on a one-year delayed basis, net of any administrativefee assessed pursuant to subsection E of § 51.1-124.36, may be expended in acalendar year for any purpose permitted by this chapter. The Board shall notbe required to expend such amount in a calendar year, and any amount up tosuch six percent that is not expended in a calendar year may be expended inany other calendar year.
F. The disbursement of moneys from the Fund shall be made by the StateComptroller at the written request of the Board.
(1997, cc. 803, 888, 891; 2000, cc. 675, 700; 2002, cc. 591, 612.)
