                                 CODE OF VIRGINIA

STRATEGIC COMPENSATION GRANT FUND ESTABLISHED (§ 22.1-318.1)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Strategic Compensation Grant Fund, hereafter referred to as
&#8220;the Fund.&#8221; The Fund shall be established on the books of the
Comptroller. All funds as may be appropriated for this purpose and any gifts,
donations, grants, bequests, and other funds as may be received on its behalf
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 it. 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 awarding grants, pursuant
to § 22.1-318.2, on a competitive basis to any local school division.
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.

HISTORY: 2013, cc. 228, 691.