                                 CODE OF VIRGINIA

TOBACCO INDEMNIFICATION AND COMMUNITY REVITALIZATION FUND; TAX CREDITS FOR
TECHNOLOGY INDUSTRIES IN TOBACCO-DEPENDENT LOCALITIES (§ 3.2-3106)

A. Money received by the Commonwealth pursuant to the Master Settlement
Agreement shall be deposited into the state treasury subject to the special
nonreverting funds established by subsection B and by &#xA7;&#xA7; 3.2-3104 and
32.1-360.

B. There is created in the state treasury a special nonreverting fund to be
known as the Tobacco Indemnification and Community Revitalization Fund. The Fund
shall be established on the books of the Comptroller. Subject to the sale of all
or any portion of the Commission Allocation, 50 percent of the annual amount
received by the Commonwealth from the Master Settlement Agreement shall be paid
into the state treasury and credited to the Fund. In the event of such sale: (i)
the Commission Allocation shall be paid in accordance with the agreement for the
period of sale; and (ii) the Fund shall receive the amounts withdrawn from the
Endowment in accordance with &#xA7; 3.2-3104. 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 described in this chapter. Expenditures
and disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written authorization signed by the chairman of
the Commission or his designee. The Fund shall also consist of other moneys
received by the Commission, from any source, for the purpose of implementing the
provisions of this chapter.

C. The obligations of the Commission shall not be a debt or grant or loan of
credit of the Commonwealth, and the Commonwealth shall not be liable thereon,
nor shall such obligations be payable out of any funds other than those credited
to the Fund.

HISTORY: 1999, cc. 880, 962, § 9-385; 2000, c. 1042; 2001, cc. 807, 844, §
3.1-1111; 2002, cc. 482, 488; 2004, Sp. Sess. I, c. 1; 2008, c. 860; 2016, c.
305.