                                 CODE OF VIRGINIA

ESTABLISHMENT OF HISTORIC PRESERVATION TRUST FUND (§ 10.1-2404.1)

The Board of Trustees of the Virginia Historic Preservation Foundation and the
Director of the Department of Historic Resources are authorized on behalf of the
Commonwealth to enter into a trust agreement with the Association for the
Preservation of Virginia Antiquities, whereby the Association for the
Preservation of Virginia Antiquities shall be trustee and the Commonwealth shall
be beneficiary. The Board of Trustees of the Virginia Historic Preservation
Foundation is authorized to create a trust fund, to be known as the Historic
Preservation Trust Fund, known hereafter as the &#8220;Trust Fund,&#8221; by
transferring all of the assets of the Virginia Historic Preservation Revolving
Fund to the Association for the Preservation of Virginia Antiquities, as Trustee
of the Trust Fund, including its cash, notes, mortgages, other securities, real
estate and all its other assets, to be administered as follows:

1. The Trustee shall serve without compensation;

2. The Trust Fund shall be administered and managed by the Property Committee of
the Association for the Preservation of Virginia Antiquities;

3. The Director of the Department of Historic Resources, or his designee, shall
serve as a voting member of the Property Committee of the Association for the
Preservation of Virginia Antiquities on all questions concerning properties to
be acquired and sold by the Trust Fund;

4. The Trust Fund shall be used for the sole purpose of preserving properties
listed or eligible for listing on the Virginia Landmarks Register through the
acquisition of such properties, or interests therein, the donation of a
perpetual preservation easement on such properties to the Board of Historic
Resources, and the subsequent resale of properties, or interests therein, thus
protected to appropriate individuals, corporations, partnerships, associations
or other legal entities, or the resale or transfer to appropriate public
agencies, when, in the discretion of the Trustee, such action is the best
feasible means of protecting such properties from an identifiable threat of
destruction or from the loss of those qualities for which they were designated
or eligible to be designated as landmarks by the Board of Historic Resources;
and

5. The Trust Fund shall be operated as a revolving fund and all proceeds from
the resale of properties, and any income which may accrue on the trust
properties, shall be returned to and deposited in the Trust Fund.
			The terms, conditions and form of the trust agreement shall be reviewed and
approved by the Governor and the Attorney General.

HISTORY: 1999, c. 558.