                                 CODE OF VIRGINIA

TECH TALENT INVESTMENT FUND CREATED (§ 23.1-1240)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Tech Talent Investment Fund. The Fund shall be established on
the books of the Comptroller. All funds appropriated for the Fund 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 to fund grants approved pursuant to the provisions of this
chapter. Expenditures and disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller.

B. Moneys in the Fund shall be used to support the efforts of qualified
institutions to increase by fiscal year 2039 the number of new eligible degrees
by at least 25,000 more degrees than the number of such degrees awarded in 2018
and to improve the readiness of graduates to be employed in technology-related
fields and fields that align with traded-sector growth opportunities identified
by the Virginia Economic Development Partnership. Funds from the Fund may be
used to support admissions and advising programs designed to convey labor market
information to students to guide decisions to enroll in eligible degree programs
and academic programs and to fund facility construction, renovation, and
enhancement and equipment purchases related to the initiative to increase the
number of eligible degrees awarded.

HISTORY: 2019, cc. 638, 639.