                                 CODE OF VIRGINIA

PUBLIC CHARTER SCHOOL FUND ESTABLISHED (§ 22.1-212.5:1)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Public Charter School Fund, hereafter referred to as &#8220;the
Fund.&#8221; The Fund shall be established on the books of the Comptroller. Any
gifts, grants, bequests, or donations from public or private sources shall be
paid into the state treasury and credited to the Fund. Interest earned on moneys
in the Fund shall remain in the Fund and be credited to the Fund. Any moneys
remaining in the Fund, including interest thereon, at the end of each fiscal
year shall not revert to the general fund but shall remain in the Fund. Moneys
in the Fund shall be used solely for the purposes of establishing or supporting
public charter schools in the Commonwealth that stimulate the development of
alternative public education programs. Expenditures and disbursements from the
Fund shall be made by the State Treasurer on warrants issued by the Comptroller
upon written request signed by the Superintendent of Public Instruction. The
Board of Education shall establish criteria for making distributions from the
Fund to a public charter school requesting moneys from the Fund and may issue
guidelines governing the Fund as it deems necessary and appropriate.

HISTORY: 2007, c. 118.