§ 3.2-3106. 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 §§ 3.2-3104 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shall be paid inaccordance with the agreement for the period of sale; and (ii) the Fund shallreceive the amounts withdrawn from the Endowment in accordance with §3.2-3104. Interest earned on moneys in the Fund shall remain in the Fund andbe 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. Starting with the fiscal year beginningJuly 1, 2000, through December 31, 2009, the Commission may deposit moneysfrom the Fund into the Technology Initiative in Tobacco-Dependent LocalitiesFund, established under § 58.1-439.15, for purposes of funding the taxcredits provided in §§ 58.1-439.13 and 58.1-439.14 and the grants provided in§ 58.1-439.17. Expenditures and disbursements from the Fund shall be made bythe State Treasurer on warrants issued by the Comptroller upon writtenauthorization signed by the chairman of the Commission or his designee. TheFund shall also consist of other moneys received by the Commission, from anysource, for the purpose of implementing the provisions of this chapter.
C. The obligations of the Commission shall not be a debt or grant or loan ofcredit of the Commonwealth, and the Commonwealth shall not be liable thereon,nor shall such obligations be payable out of any funds other than thosecredited to the Fund.
(1999, cc. 880, 962, § 9-385; 2000, c. 1042; 2001, cc. 807, 844, § 3.1-1111;2002, cc. 482, 488; 2004, Sp. Sess. I, c. 1; 2008, c. 860.)
§ 3.2-3106. 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 §§ 3.2-3104 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 §3.2-3104. Interest earned on moneys in the Fund shall remain in the Fund andbe 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. Starting with the fiscal year beginningJuly 1, 2000, through December 31, 2009, the Commission may deposit moneysfrom the Fund into the Technology Initiative in Tobacco-Dependent LocalitiesFund, established under § 58.1-439.15, for purposes of funding the taxcredits provided in §§ 58.1-439.13 and 58.1-439.14 and the grants provided in§ 58.1-439.17. Expenditures and disbursements from the Fund shall be made bythe State Treasurer on warrants issued by the Comptroller upon writtenauthorization signed by the chairman of the Commission or his designee. TheFund shall also consist of other moneys received by the Commission, from anysource, for the purpose of implementing the provisions of this chapter.
C. The obligations of the Commission shall not be a debt or grant or loan ofcredit of the Commonwealth, and the Commonwealth shall not be liable thereon,nor shall such obligations be payable out of any funds other than thosecredited to the Fund.
(1999, cc. 880, 962, § 9-385; 2000, c. 1042; 2001, cc. 807, 844, § 3.1-1111;2002, cc. 482, 488; 2004, Sp. Sess. I, c. 1; 2008, c. 860.)
§ 3.2-3106. 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 §§ 3.2-3104 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 §3.2-3104. Interest earned on moneys in the Fund shall remain in the Fund andbe 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. Starting with the fiscal year beginningJuly 1, 2000, through December 31, 2009, the Commission may deposit moneysfrom the Fund into the Technology Initiative in Tobacco-Dependent LocalitiesFund, established under § 58.1-439.15, for purposes of funding the taxcredits provided in §§ 58.1-439.13 and 58.1-439.14 and the grants provided in§ 58.1-439.17. Expenditures and disbursements from the Fund shall be made bythe State Treasurer on warrants issued by the Comptroller upon writtenauthorization signed by the chairman of the Commission or his designee. TheFund shall also consist of other moneys received by the Commission, from anysource, for the purpose of implementing the provisions of this chapter.
C. The obligations of the Commission shall not be a debt or grant or loan ofcredit of the Commonwealth, and the Commonwealth shall not be liable thereon,nor shall such obligations be payable out of any funds other than thosecredited to the Fund.
(1999, cc. 880, 962, § 9-385; 2000, c. 1042; 2001, cc. 807, 844, § 3.1-1111;2002, cc. 482, 488; 2004, Sp. Sess. I, c. 1; 2008, c. 860.)
