{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-1512.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-1512.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-1512.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-1512.1.html"}],"law_id":54736,"edition_id":1,"section_id":54736,"structure_id":13737,"section_number":"15.2-1512.1","catch_line":"Disposition of property received by subdivisions as result of conversion of mutual insurance company to stock corporation","history":"1997, cc. 803, 888, 891, \u00a7 15.1-52.1; 1998, c. 256; 2000, cc. 66, 657; 2013, c. 687.","full_text":"The governing body of each locality that receives cash, shares of stock, or both, as a result of the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield (hereafter referred to as Trigon), from a mutual insurance company to a stock corporation known as Trigon Healthcare, Inc., by reason of its school division’s status as a present or former group policyholder of Trigon shall, by appropriate ordinance or resolution, authorize the treasurer of such locality to create two separate funds upon the books of the locality, as hereinafter described. Upon the enactment or adoption of such ordinance or resolution, the treasurer of the locality shall place all such stock, including any proceeds derived from the sale or other conveyance of any such stock, and cash, into these separate funds. The stock or proceeds and cash shall be divided equally between the two separate funds set forth in subsections A and B of this section; however, (i) the local governing body may place a greater proportion or all of the stock or proceeds and cash in the fund described in subsection A, 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 approved the allocation of the proceeds from the sale of its stock for a school construction or renovation project, the remainder of such proceeds shall be used to create a fund to offset health insurance premium increases incurred by the present and future employees of the school board and governing body.\n\nA\n\nThe 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 be used solely to offset health insurance premium expenses incurred by or on behalf of present and future employees of the school division of the locality; however, the governing body of the locality may use a portion of the principal placed into the fund, a portion of the income arising from or attributable to the fund, or both, to compensate present or future retired employees of the school division of the locality for (i) health insurance premium expenses payable by the retired employees, (ii) health insurance premium expenses paid for by such retired employees for periods prior to July 1, 1997, during which the retired employees were insured under a health insurance policy through the school division of the locality as a group policyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any, as the governing body shall determine appropriate. No disbursement from the fund may be made except upon specific appropriation by the governing body in accordance with applicable law.B\n\nThe second fund, if any, shall be known as the “County\/City of _________________ School Construction, Renovation, Maintenance, Capital Outlay, and Debt Service Fund.” All principal placed into this fund, together with all income arising from or attributable to the fund, shall be used solely for the purposes of school construction, school renovation, major school maintenance, capital outlay, and debt service in the public schools of the locality. No disbursement from this fund may be made except upon specific appropriation by the governing body in accordance with applicable law.C\n\nAll stock or proceeds and cash placed into separate funds pursuant to the provisions of this act, including all income arising from or attributable to such funds, shall be deemed public funds of the locality and shall be subject to 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 proceeds accruing to the separate funds shall be retained in the funds and may be expended only in accordance with the terms of this act.","order_by":null,"text":{"0":{"id":200940,"text":"The governing body of each locality that receives cash, shares of stock, or both, as a result of the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield (hereafter referred to as Trigon), from a mutual insurance company to a stock corporation known as Trigon Healthcare, Inc., by reason of its school division’s status as a present or former group policyholder of Trigon shall, by appropriate ordinance or resolution, authorize the treasurer of such locality to create two separate funds upon the books of the locality, as hereinafter described. Upon the enactment or adoption of such ordinance or resolution, the treasurer of the locality shall place all such stock, including any proceeds derived from the sale or other conveyance of any such stock, and cash, into these separate funds. The stock or proceeds and cash shall be divided equally between the two separate funds set forth in subsections A and B of this section; however, (i) the local governing body may place a greater proportion or all of the stock or proceeds and cash in the fund described in subsection A, 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 approved the allocation of the proceeds from the sale of its stock for a school construction or renovation project, the remainder of such proceeds shall be used to create a fund to offset health insurance premium increases incurred by the present and future employees of the school board and governing body.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"A"},"1":{"id":200941,"text":"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 be used solely to offset health insurance premium expenses incurred by or on behalf of present and future employees of the school division of the locality; however, the governing body of the locality may use a portion of the principal placed into the fund, a portion of the income arising from or attributable to the fund, or both, to compensate present or future retired employees of the school division of the locality for (i) health insurance premium expenses payable by the retired employees, (ii) health insurance premium expenses paid for by such retired employees for periods prior to July 1, 1997, during which the retired employees were insured under a health insurance policy through the school division of the locality as a group policyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any, as the governing body shall determine appropriate. No disbursement from the fund may be made except upon specific appropriation by the governing body in accordance with applicable law.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"","next_prefix":"B"},"2":{"id":200942,"text":"The second fund, if any, shall be known as the “County\/City of _________________ School Construction, Renovation, Maintenance, Capital Outlay, and Debt Service Fund.” All principal placed into this fund, together with all income arising from or attributable to the fund, shall be used solely for the purposes of school construction, school renovation, major school maintenance, capital outlay, and debt service in the public schools of the locality. No disbursement from this fund may be made except upon specific appropriation by the governing body in accordance with applicable law.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"3":{"id":200943,"text":"All stock or proceeds and cash placed into separate funds pursuant to the provisions of this act, including all income arising from or attributable to such funds, shall be deemed public funds of the locality and shall be subject to 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 proceeds accruing to the separate funds shall be retained in the funds and may be expended only in accordance with the terms of this act.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13737,"edition_id":1,"name":"General Provisions for Certain Officers and Employees","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12734,"metadata":{},"date_created":"2026-06-26 03:45:44","date_modified":"2026-06-26 03:45:44","permalink":{"id":153005,"object_type":"structure","relational_id":13737,"identifier":"1","token":"15.2\/II\/15\/1","url":"\/15.2\/II\/15\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12734,"edition_id":1,"name":"Local Government Personnel, Qualification for Office, Bonds, Dual Office Holding and Certain Local Government Officers","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":153003,"object_type":"structure","relational_id":12734,"identifier":"15","token":"15.2\/II\/15","url":"\/15.2\/II\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71801,"structure_id":13737,"section_number":"15.2-1500","catch_line":"Organization of local government","url":"\/15.2-1500\/","token":"15.2\/II\/15\/1\/15.2-1500","metadata":false},{"id":60492,"structure_id":13737,"section_number":"15.2-1500.1","catch_line":"Employment discrimination prohibited; sexual orientation or gender identity","url":"\/15.2-1500.1\/","token":"15.2\/II\/15\/1\/15.2-1500.1","metadata":false},{"id":79919,"structure_id":13737,"section_number":"15.2-1501","catch_line":"Designation of officers to perform certain duties","url":"\/15.2-1501\/","token":"15.2\/II\/15\/1\/15.2-1501","metadata":false},{"id":82241,"structure_id":13737,"section_number":"15.2-1502","catch_line":"Employment of certain deputies and assistants; delegation of powers and duties","url":"\/15.2-1502\/","token":"15.2\/II\/15\/1\/15.2-1502","metadata":false},{"id":58363,"structure_id":13737,"section_number":"15.2-1503","catch_line":"Tenure of officers and employees; suspension or removal","url":"\/15.2-1503\/","token":"15.2\/II\/15\/1\/15.2-1503","metadata":false},{"id":79703,"structure_id":13737,"section_number":"15.2-1503.1","catch_line":"Background checks required for certain employees and licensees","url":"\/15.2-1503.1\/","token":"15.2\/II\/15\/1\/15.2-1503.1","metadata":false},{"id":58265,"structure_id":13737,"section_number":"15.2-1504","catch_line":"Use of tobacco products by government employees","url":"\/15.2-1504\/","token":"15.2\/II\/15\/1\/15.2-1504","metadata":false},{"id":84800,"structure_id":13737,"section_number":"15.2-1505","catch_line":"Employment based on residency prohibited for certain employees","url":"\/15.2-1505\/","token":"15.2\/II\/15\/1\/15.2-1505","metadata":false},{"id":65546,"structure_id":13737,"section_number":"15.2-1505.1","catch_line":"Applicant preemployment information","url":"\/15.2-1505.1\/","token":"15.2\/II\/15\/1\/15.2-1505.1","metadata":false},{"id":72505,"structure_id":13737,"section_number":"15.2-1505.2","catch_line":"Personnel policies related to the use of public property","url":"\/15.2-1505.2\/","token":"15.2\/II\/15\/1\/15.2-1505.2","metadata":false},{"id":81798,"structure_id":13737,"section_number":"15.2-1505.3","catch_line":"Localities prohibited from inquiring about arrests, charges, or convictions on employment applications; exceptions","url":"\/15.2-1505.3\/","token":"15.2\/II\/15\/1\/15.2-1505.3","metadata":false},{"id":57426,"structure_id":13737,"section_number":"15.2-1506","catch_line":"Establishment of grievance procedure, personnel system and uniform pay plan for employees","url":"\/15.2-1506\/","token":"15.2\/II\/15\/1\/15.2-1506","metadata":false},{"id":77432,"structure_id":13737,"section_number":"15.2-1507","catch_line":"Provision of grievance procedure; training programs","url":"\/15.2-1507\/","token":"15.2\/II\/15\/1\/15.2-1507","metadata":false},{"id":55230,"structure_id":13737,"section_number":"15.2-1507.1","catch_line":"Appointment of standing panel in certain counties","url":"\/15.2-1507.1\/","token":"15.2\/II\/15\/1\/15.2-1507.1","metadata":false},{"id":64897,"structure_id":13737,"section_number":"15.2-1508","catch_line":"Bonuses for employees of local governments","url":"\/15.2-1508\/","token":"15.2\/II\/15\/1\/15.2-1508","metadata":false},{"id":60894,"structure_id":13737,"section_number":"15.2-1508.1","catch_line":"Traveling expenses on business of town, city or county","url":"\/15.2-1508.1\/","token":"15.2\/II\/15\/1\/15.2-1508.1","metadata":false},{"id":74011,"structure_id":13737,"section_number":"15.2-1508.2","catch_line":"Same; where Commonwealth bears portion of expenses","url":"\/15.2-1508.2\/","token":"15.2\/II\/15\/1\/15.2-1508.2","metadata":false},{"id":85992,"structure_id":13737,"section_number":"15.2-1508.3","catch_line":"Governing bodies of certain cities and counties may supplement salaries and reimburse traveling expenses of employees of state and local health departments","url":"\/15.2-1508.3\/","token":"15.2\/II\/15\/1\/15.2-1508.3","metadata":false},{"id":65944,"structure_id":13737,"section_number":"15.2-1508.4","catch_line":"Certain counties and cities may supplement salaries and reimburse traveling expenses of employees of state mental health clinics","url":"\/15.2-1508.4\/","token":"15.2\/II\/15\/1\/15.2-1508.4","metadata":false},{"id":83110,"structure_id":13737,"section_number":"15.2-1509","catch_line":"Preferences for veterans and people with disabilities in local government employment","url":"\/15.2-1509\/","token":"15.2\/II\/15\/1\/15.2-1509","metadata":false},{"id":57101,"structure_id":13737,"section_number":"15.2-1510","catch_line":"Retirement systems","url":"\/15.2-1510\/","token":"15.2\/II\/15\/1\/15.2-1510","metadata":false},{"id":68675,"structure_id":13737,"section_number":"15.2-1510.1","catch_line":"Public announcement of severance packages for certain officials","url":"\/15.2-1510.1\/","token":"15.2\/II\/15\/1\/15.2-1510.1","metadata":false},{"id":62802,"structure_id":13737,"section_number":"15.2-1511","catch_line":"Allowances to injured officials and employees and their dependents","url":"\/15.2-1511\/","token":"15.2\/II\/15\/1\/15.2-1511","metadata":false},{"id":62508,"structure_id":13737,"section_number":"15.2-1511.01","catch_line":"Allowances to injured deputy sheriffs","url":"\/15.2-1511.01\/","token":"15.2\/II\/15\/1\/15.2-1511.01","metadata":false},{"id":86864,"structure_id":13737,"section_number":"15.2-1511.1","catch_line":"Written benefit information to certain employees","url":"\/15.2-1511.1\/","token":"15.2\/II\/15\/1\/15.2-1511.1","metadata":false},{"id":66960,"structure_id":13737,"section_number":"15.2-1512","catch_line":"Oath and bond","url":"\/15.2-1512\/","token":"15.2\/II\/15\/1\/15.2-1512","metadata":false},{"id":54736,"structure_id":13737,"section_number":"15.2-1512.1","catch_line":"Disposition of property received by subdivisions as result of conversion of mutual insurance company to stock corporation","url":"\/15.2-1512.1\/","token":"15.2\/II\/15\/1\/15.2-1512.1","metadata":false},{"id":85589,"structure_id":13737,"section_number":"15.2-1512.2","catch_line":"Political activities of employees of localities, firefighters, emergency medical services personnel, and law-enforcement officers and certain other officers and employees","url":"\/15.2-1512.2\/","token":"15.2\/II\/15\/1\/15.2-1512.2","metadata":false},{"id":66378,"structure_id":13737,"section_number":"15.2-1512.3","catch_line":"Telecommuting by local government employees","url":"\/15.2-1512.3\/","token":"15.2\/II\/15\/1\/15.2-1512.3","metadata":false},{"id":55640,"structure_id":13737,"section_number":"15.2-1512.4","catch_line":"Rights of local employees to contact elected officials","url":"\/15.2-1512.4\/","token":"15.2\/II\/15\/1\/15.2-1512.4","metadata":false},{"id":58777,"structure_id":13737,"section_number":"15.2-1512.5","catch_line":"Authority of local government employees to issue summonses for misdemeanor violations of certain local ordinances","url":"\/15.2-1512.5\/","token":"15.2\/II\/15\/1\/15.2-1512.5","metadata":false}],"previous_section":{"id":66960,"structure_id":13737,"section_number":"15.2-1512","catch_line":"Oath and bond","url":"\/15.2-1512\/","token":"15.2\/II\/15\/1\/15.2-1512","metadata":false},"next_section":{"id":85589,"structure_id":13737,"section_number":"15.2-1512.2","catch_line":"Political activities of employees of localities, firefighters, emergency medical services personnel, and law-enforcement officers and certain other officers and employees","url":"\/15.2-1512.2\/","token":"15.2\/II\/15\/1\/15.2-1512.2","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-1512.1\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapters 803<\/a>, 888<\/a>, and 891<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1998, chapter 256<\/a>; in 2000, chapters 66<\/a> and 657<\/a>; in 2013, chapter 687<\/a>.<\/p>","references":[{"id":63923,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","order_by":null,"url":"\/2.2-4400\/"}],"refers_to":[{"id":63923,"section_number":"2.2-4400","catch_line":"Short title; declaration of intent; applicability","order_by":null,"url":"\/2.2-4400\/"}],"permalink":{"id":153111,"object_type":"law","relational_id":54736,"identifier":"15.2-1512.1","token":"15.2\/II\/15\/1\/15.2-1512.1","url":"\/15.2-1512.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-1512.1\/","token":"15.2\/II\/15\/1\/15.2-1512.1","dublin_core":{"Title":"Disposition of property received by subdivisions as result of conversion of mutual insurance company to stock corporation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-1512.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The governing body<\/span> of each locality<\/span> that receives cash, shares of stock, or both, as a result of the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield (hereafter referred to as Trigon), from a mutual insurance company to a stock corporation known as Trigon Healthcare, Inc., by reason of its school division’s status as a present or former group policyholder of Trigon shall, by appropriate ordinance<\/span> or resolution, authorize the treasurer of such locality<\/span> to create two separate funds upon the books of the locality<\/span>, as hereinafter described. Upon the enactment or adoption of such ordinance<\/span> or resolution, the treasurer of the locality<\/span> shall place all such stock, including any proceeds derived from the sale or other conveyance of any such stock, and cash, into these separate funds. The stock or proceeds and cash shall be divided equally between the two separate funds set forth in subsections A and B of this section; however, (i) the local governing body<\/span> may place a greater proportion or all of the stock or proceeds and cash in the fund described in subsection A, 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<\/span> has approved the allocation of the proceeds from the sale of its stock for a school construction or renovation project, the remainder of such proceeds shall be used to create a fund to offset health insurance premium increases incurred by the present and future employees of the school board and governing body<\/span>.<\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> The first fund shall be known as the “County<\/span>\/City<\/span> of _________________ Schools Health Insurance Premium Fund.” All principal placed into this fund, together with all income arising from or attributable to the fund, shall be used solely to offset health insurance premium expenses incurred by or on behalf of present and future employees of the school division of the locality<\/span>; however, the governing body<\/span> of the locality<\/span> may use a portion of the principal placed into the fund, a portion of the income arising from or attributable to the fund, or both, to compensate present or future retired employees of the school division of the locality<\/span> for (i) health insurance premium expenses payable by the retired employees, (ii) health insurance premium expenses paid for by such retired employees for periods prior to July 1, 1997, during which the retired employees were insured under a health insurance policy through the school division of the locality<\/span> as a group policyholder of Trigon, or (iii) both (i) and (ii), in such amounts, if any, as the governing body<\/span> shall determine appropriate. No disbursement from the fund may be made except upon specific appropriation by the governing body<\/span> in accordance with applicable law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The second fund, if any, shall be known as the “County<\/span>\/City<\/span> of _________________ School Construction, Renovation, Maintenance, Capital Outlay, and Debt Service Fund.” All principal placed into this fund, together with all income arising from or attributable to the fund, shall be used solely for the purposes of school construction, school renovation, major school maintenance, capital outlay, and debt service in the public schools of the locality<\/span>. No disbursement from this fund may be made except upon specific appropriation by the governing body<\/span> in accordance with applicable law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All stock or proceeds and cash placed into separate funds pursuant to the provisions of this act, including all income arising from or attributable to such funds, shall be deemed public funds of the locality<\/span> and shall be subject to all limitations upon deposit and investment provided by general law<\/span>, including without limitation the Virginia Security for Public Deposits Act (§ 2.2-4400<\/a> et seq.). Income, dividends, distributions and sale proceeds accruing to the separate funds shall be retained in the funds and may be expended only in accordance with the terms of this act. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDISPOSITION OF PROPERTY RECEIVED BY SUBDIVISIONS AS RESULT OF CONVERSION OF\nMUTUAL INSURANCE COMPANY TO STOCK CORPORATION (\u00a7 15.2-1512.1)\n\nThe governing body of each locality that receives cash, shares of stock, or\nboth, as a result of the conversion of Blue Cross and Blue Shield of Virginia,\ndoing business as Trigon Blue Cross Blue Shield (hereafter referred to as\nTrigon), from a mutual insurance company to a stock corporation known as Trigon\nHealthcare, Inc., by reason of its school division’s status as a present\nor former group policyholder of Trigon shall, by appropriate ordinance or\nresolution, authorize the treasurer of such locality to create two separate\nfunds upon the books of the locality, as hereinafter described. Upon the\nenactment or adoption of such ordinance or resolution, the treasurer of the\nlocality shall place all such stock, including any proceeds derived from the\nsale or other conveyance of any such stock, and cash, into these separate funds.\nThe stock or proceeds and cash shall be divided equally between the two separate\nfunds set forth in subsections A and B of this section; however, (i) the local\ngoverning body may place a greater proportion or all of the stock or proceeds\nand cash in the fund described in subsection A, with the consent of the school\nboard and (ii) if on or before January 1, 1997, a school board has requested and\nthe local governing body has approved the allocation of the proceeds from the\nsale of its stock for a school construction or renovation project, the remainder\nof such proceeds shall be used to create a fund to offset health insurance\npremium increases incurred by the present and future employees of the school\nboard and governing body.\n\nA. The first fund shall be known as the “County\/City of _________________\nSchools Health Insurance Premium Fund.” All principal placed into this\nfund, together with all income arising from or attributable to the fund, shall\nbe used solely to offset health insurance premium expenses incurred by or on\nbehalf of present and future employees of the school division of the locality;\nhowever, the governing body of the locality may use a portion of the principal\nplaced into the fund, a portion of the income arising from or attributable to\nthe fund, or both, to compensate present or future retired employees of the\nschool division of the locality for (i) health insurance premium expenses\npayable by the retired employees, (ii) health insurance premium expenses paid\nfor by such retired employees for periods prior to July 1, 1997, during which\nthe retired employees were insured under a health insurance policy through the\nschool division of the locality as a group policyholder of Trigon, or (iii) both\n(i) and (ii), in such amounts, if any, as the governing body shall determine\nappropriate. No disbursement from the fund may be made except upon specific\nappropriation by the governing body in accordance with applicable law.\n\nB. The second fund, if any, shall be known as the “County\/City of\n_________________ School Construction, Renovation, Maintenance, Capital Outlay,\nand Debt Service Fund.” All principal placed into this fund, together with\nall income arising from or attributable to the fund, shall be used solely for\nthe purposes of school construction, school renovation, major school\nmaintenance, capital outlay, and debt service in the public schools of the\nlocality. No disbursement from this fund may be made except upon specific\nappropriation by the governing body in accordance with applicable law.\n\nC. All stock or proceeds and cash placed into separate funds pursuant to the\nprovisions of this act, including all income arising from or attributable to\nsuch funds, shall be deemed public funds of the locality and shall be subject to\nall limitations upon deposit and investment provided by general law, including\nwithout limitation the Virginia Security for Public Deposits Act (§\n2.2-4400 et seq.). Income, dividends, distributions and sale proceeds accruing\nto the separate funds shall be retained in the funds and may be expended only in\naccordance with the terms of this act.\n\nHISTORY: 1997, cc. 803, 888, 891, \u00a7 15.1-52.1; 1998, c. 256; 2000, cc. 66, 657;\n2013, c. 687.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}