State Codes and Statutes
Statutes > Virginia > Title-32-1 > Chapter-14 > 32-1-360§ 32.1-360. Virginia Tobacco Settlement Fund.
There is hereby created in the state treasury a special nonreverting fund tobe known as the Virginia Tobacco Settlement Fund. The Fund shall beestablished on the books of the Comptroller. Subject to the sale of all orany portion of the Foundation Allocation, 10 percent of the annual amountreceived by the Commonwealth from the Master Settlement Agreement shall bepaid into the state treasury and credited to the Fund. In the event of suchsale (i) the Foundation Allocation shall be paid in accordance with theagreement for the period of sale and (ii) the fund shall receive amountswithdrawn from the Endowment in accordance with § 32.1-361.1. Interest earnedon moneys in the Fund shall remain in the Fund and be credited to it. Anymoneys remaining in the Fund, including interest thereon, at the end of eachfiscal year shall not revert to the general fund but shall remain in theFund. Moneys in the Fund shall be used solely for the purposes described inthis chapter. 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 Board or his designee. Moneys inthe Fund shall be used for the purposes of discouraging, eliminating orpreventing the use of tobacco products by minors, including but not limitedto educational and awareness programs on the health effects of tobacco use onminors and laws restricting the distribution of tobacco products to minors.Moneys may also be used for the purpose of reducing childhood obesity,including but not limited to educational and awareness programs, implementingevidence-based practices, and assisting schools and communities with relatedpolicies and programs.
(1999, cc. 880, 962; 2007, c. 345; 2009, cc. 424, 554.)
