                                 CODE OF VIRGINIA

VIRGINIA GUARANTEED ASSISTANCE FUND (§ 23.1-637)

There is created in the state treasury a special nonreverting fund to be known
as the Virginia Guaranteed Assistance Fund (the Fund). The Fund shall be
established on the books of the Comptroller. All moneys as may be appropriated
by the General Assembly and any gifts, donations, grants, bequests, or other
moneys as may be received for the purposes of 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 paid to any public institution of higher education on behalf of
students who have been awarded grants pursuant to the provisions of § 23.1-638.
Any moneys remaining in the Fund shall be credited to the account of the
Council. 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 Executive Director of the Council.

HISTORY: 1992, c. 879, § 23-38.53:5; 1994, c. 789; 2016, c. 588; 2025, c. 144.