                                 CODE OF VIRGINIA

REPAYMENTS TO LITERARY FUND (§ 22.1-170)

All assets heretofore or hereafter transferred to the Authority from the
Literary Fund pursuant to § 22.1-175 shall remain assets of the Literary Fund
and shall be repaid to the Literary Fund pursuant to this section but, until so
repaid, may be used for all purposes by the Authority to the same extent as if
such assets were the sole property of the Authority.
		On or before January 10 in each year the Authority shall set aside and repay
to the Literary Fund an amount equal to the excess of the principal and interest
collected by the Authority in the preceding year on account of obligations
transferred to the Authority from the Literary Fund over such portion of such
principal and interest as shall have been pledged by any trust indenture or
resolution authorizing bonds of the Authority.
		The principal collected by the Authority on account of obligations transferred
to the Authority from the Literary Fund shall remain part of the principal of
the Literary Fund subject to the provisions of Article VIII, Section 8 of the
Constitution of Virginia and of this chapter, and the interest collected by the
Authority on account of such obligations shall be deemed to be interest on the
Literary Fund subject to the provisions of Article VIII, Section 8 of the
Constitution of Virginia and of this chapter; provided, however, that any such
collected principal and interest pledged by any trust indenture or resolution
authorizing bonds of the Authority shall continue to be held by the Authority
until no longer so required by the terms of such trust indenture or resolution;
and further provided that, on the next succeeding tenth day of January, any
amount of such collected principal and interest no longer required to be held by
the Authority shall be set aside and repaid to the Literary Fund as if it had
been collected at the time it became no longer required to be held.

HISTORY: Code 1950, § 22-29.10; 1962, c. 194; 1964, c. 146; 1971, Ex. Sess.,
cc. 1, 241; 1980, c. 559.