§ 3.2-3104. Tobacco Indemnification and Community Revitalization Endowment.
A. There is hereby established in the state treasury a special fund to bedesignated the "Tobacco Indemnification and Community RevitalizationEndowment." The Endowment shall receive any proceeds from any sale of all orany portion of the Commission Allocation, and any gifts, grants andcontributions that are specifically designated for inclusion in suchEndowment. No part of the Endowment, neither corpus nor income, or interestthereon, shall revert to the general fund of the state treasury. TheEndowment shall be under the management and control of the Treasury Board,and the Treasury Board shall have such powers and authority as may benecessary to exercise such management and control consistent with theprovisions of this section. The income of the Endowment shall be paid out,not less than annually, to the Fund. In addition, up to 10 percent of thecorpus of the Endowment shall be paid to the Fund annually upon request ofthe Commission to the Treasury Board. Upon two-thirds vote of the Commission,up to 15 percent of the corpus of the Endowment shall be so paid. No use ofproceeds shall be made that would cause bonds issued on a tax-exempt basis tobe deemed taxable. For purposes of this section, "income" of the Endowmentmeans at the time of determination the lesser of the available cash in, orthe realized investment income for the applicable period of, the Endowment,and "corpus" of the Endowment means at the time of determination the sum ofthe proceeds from the sale of all or any portion of the CommissionAllocation, any gifts, grants, and contributions that have been credited tosuch Endowment, and any income not appropriated and withdrawn from theEndowment prior to June 30 of each year, less withdrawals from the corpus.Determinations by the Treasury Board, or the State Treasurer on behalf of theTreasury Board, as to the amount of income or the amount of the corpus shallbe conclusive.
B. The Treasury Board shall serve as trustee of the Endowment and the corpusand income of the Endowment shall be withdrawn and credited to the Fund byorder of the Treasury Board as provided in subsection A. The State Treasurershall be custodian of the funds credited to the Endowment. The Treasury Boardshall have full power to invest and reinvest funds credited to the Endowmentin accordance with the provisions of the Uniform Prudent Management ofInstitutional Funds Act (§ 55-268.11 et seq.) and, in addition, as otherwiseprovided by law. The Treasury Board may borrow money in such amounts as maybe necessary whenever in its judgment it would be more advantageous to borrowmoney than to sell securities held for the Fund. Any debt so incurred may beevidenced by notes duly authorized by resolution of the Treasury Board, suchnotes to be retired no later than the end of the biennium in which such debtis incurred. The Treasury Board may commingle, for purposes of investment,the corpus of the Endowment provided that it shall appropriately account forthe investments credited to the Endowment. The Treasury Board may hireindependent investment advisors and managers as it deems appropriate toassist with investing the Endowment. The expenses of making and disposing ofinvestments, such as brokerage commissions, legal expenses related to aparticular transaction, investment advisory and management fees and expenses,transfer taxes, and other customary transactional expenses shall be payableout of the income of the Endowment.
Not less than annually and more frequently if so desired by the Commission orrequested by the Treasury Board, the Commission shall provide to the TreasuryBoard schedules of anticipated disbursements from the Fund for the currentand succeeding fiscal year, and the Treasury Board shall, to the extentpracticable, take into account such schedules and changes thereto inscheduling maturities and redemptions of its investments of the Endowment.
(2002, cc. 482, 488, § 3.1-1109.1; 2008, cc. 184, 860.)
§ 3.2-3104. Tobacco Indemnification and Community Revitalization Endowment.
A. There is hereby established in the state treasury a special fund to bedesignated the "Tobacco Indemnification and Community RevitalizationEndowment." The Endowment shall receive any proceeds from any sale of all orany portion of the Commission Allocation, and any gifts, grants andcontributions that are specifically designated for inclusion in suchEndowment. No part of the Endowment, neither corpus nor income, or interestthereon, shall revert to the general fund of the state treasury. TheEndowment shall be under the management and control of the Treasury Board,and the Treasury Board shall have such powers and authority as may benecessary to exercise such management and control consistent with theprovisions of this section. The income of the Endowment shall be paid out,not less than annually, to the Fund. In addition, up to 10 percent of thecorpus of the Endowment shall be paid to the Fund annually upon request ofthe Commission to the Treasury Board. Upon two-thirds vote of the Commission,up to 15 percent of the corpus of the Endowment shall be so paid. No use ofproceeds shall be made that would cause bonds issued on a tax-exempt basis tobe deemed taxable. For purposes of this section, "income" of the Endowmentmeans at the time of determination the lesser of the available cash in, orthe realized investment income for the applicable period of, the Endowment,and "corpus" of the Endowment means at the time of determination the sum ofthe proceeds from the sale of all or any portion of the CommissionAllocation, any gifts, grants, and contributions that have been credited tosuch Endowment, and any income not appropriated and withdrawn from theEndowment prior to June 30 of each year, less withdrawals from the corpus.Determinations by the Treasury Board, or the State Treasurer on behalf of theTreasury Board, as to the amount of income or the amount of the corpus shallbe conclusive.
B. The Treasury Board shall serve as trustee of the Endowment and the corpusand income of the Endowment shall be withdrawn and credited to the Fund byorder of the Treasury Board as provided in subsection A. The State Treasurershall be custodian of the funds credited to the Endowment. The Treasury Boardshall have full power to invest and reinvest funds credited to the Endowmentin accordance with the provisions of the Uniform Prudent Management ofInstitutional Funds Act (§ 55-268.11 et seq.) and, in addition, as otherwiseprovided by law. The Treasury Board may borrow money in such amounts as maybe necessary whenever in its judgment it would be more advantageous to borrowmoney than to sell securities held for the Fund. Any debt so incurred may beevidenced by notes duly authorized by resolution of the Treasury Board, suchnotes to be retired no later than the end of the biennium in which such debtis incurred. The Treasury Board may commingle, for purposes of investment,the corpus of the Endowment provided that it shall appropriately account forthe investments credited to the Endowment. The Treasury Board may hireindependent investment advisors and managers as it deems appropriate toassist with investing the Endowment. The expenses of making and disposing ofinvestments, such as brokerage commissions, legal expenses related to aparticular transaction, investment advisory and management fees and expenses,transfer taxes, and other customary transactional expenses shall be payableout of the income of the Endowment.
Not less than annually and more frequently if so desired by the Commission orrequested by the Treasury Board, the Commission shall provide to the TreasuryBoard schedules of anticipated disbursements from the Fund for the currentand succeeding fiscal year, and the Treasury Board shall, to the extentpracticable, take into account such schedules and changes thereto inscheduling maturities and redemptions of its investments of the Endowment.
(2002, cc. 482, 488, § 3.1-1109.1; 2008, cc. 184, 860.)
§ 3.2-3104. Tobacco Indemnification and Community Revitalization Endowment.
A. There is hereby established in the state treasury a special fund to bedesignated the "Tobacco Indemnification and Community RevitalizationEndowment." The Endowment shall receive any proceeds from any sale of all orany portion of the Commission Allocation, and any gifts, grants andcontributions that are specifically designated for inclusion in suchEndowment. No part of the Endowment, neither corpus nor income, or interestthereon, shall revert to the general fund of the state treasury. TheEndowment shall be under the management and control of the Treasury Board,and the Treasury Board shall have such powers and authority as may benecessary to exercise such management and control consistent with theprovisions of this section. The income of the Endowment shall be paid out,not less than annually, to the Fund. In addition, up to 10 percent of thecorpus of the Endowment shall be paid to the Fund annually upon request ofthe Commission to the Treasury Board. Upon two-thirds vote of the Commission,up to 15 percent of the corpus of the Endowment shall be so paid. No use ofproceeds shall be made that would cause bonds issued on a tax-exempt basis tobe deemed taxable. For purposes of this section, "income" of the Endowmentmeans at the time of determination the lesser of the available cash in, orthe realized investment income for the applicable period of, the Endowment,and "corpus" of the Endowment means at the time of determination the sum ofthe proceeds from the sale of all or any portion of the CommissionAllocation, any gifts, grants, and contributions that have been credited tosuch Endowment, and any income not appropriated and withdrawn from theEndowment prior to June 30 of each year, less withdrawals from the corpus.Determinations by the Treasury Board, or the State Treasurer on behalf of theTreasury Board, as to the amount of income or the amount of the corpus shallbe conclusive.
B. The Treasury Board shall serve as trustee of the Endowment and the corpusand income of the Endowment shall be withdrawn and credited to the Fund byorder of the Treasury Board as provided in subsection A. The State Treasurershall be custodian of the funds credited to the Endowment. The Treasury Boardshall have full power to invest and reinvest funds credited to the Endowmentin accordance with the provisions of the Uniform Prudent Management ofInstitutional Funds Act (§ 55-268.11 et seq.) and, in addition, as otherwiseprovided by law. The Treasury Board may borrow money in such amounts as maybe necessary whenever in its judgment it would be more advantageous to borrowmoney than to sell securities held for the Fund. Any debt so incurred may beevidenced by notes duly authorized by resolution of the Treasury Board, suchnotes to be retired no later than the end of the biennium in which such debtis incurred. The Treasury Board may commingle, for purposes of investment,the corpus of the Endowment provided that it shall appropriately account forthe investments credited to the Endowment. The Treasury Board may hireindependent investment advisors and managers as it deems appropriate toassist with investing the Endowment. The expenses of making and disposing ofinvestments, such as brokerage commissions, legal expenses related to aparticular transaction, investment advisory and management fees and expenses,transfer taxes, and other customary transactional expenses shall be payableout of the income of the Endowment.
Not less than annually and more frequently if so desired by the Commission orrequested by the Treasury Board, the Commission shall provide to the TreasuryBoard schedules of anticipated disbursements from the Fund for the currentand succeeding fiscal year, and the Treasury Board shall, to the extentpracticable, take into account such schedules and changes thereto inscheduling maturities and redemptions of its investments of the Endowment.
(2002, cc. 482, 488, § 3.1-1109.1; 2008, cc. 184, 860.)
