                                 CODE OF VIRGINIA

COMMONWEALTH HEALTH RESEARCH FUND ESTABLISHED; ADMINISTRATION (§ 32.1-162.28)

A. There is created in the state treasury a special nonreverting fund to be
known as the Commonwealth Health Research Fund. The Fund shall be established on
the books of the Comptroller.

B. The Fund shall consist of all stock and cash distributed to the Commonwealth
as a policyholder pursuant to the conversion of Blue Cross and Blue Shield of
Virginia, doing business as Trigon Blue Cross Blue Shield, from a mutual
insurance company to a Virginia stock corporation known as Trigon Healthcare,
Inc., exclusive of cash paid by Blue Cross and Blue Shield of Virginia or its
successor to the Commonwealth in connection with such conversion, which was
assumed as general fund revenue in Chapter 912 of the Acts of Assembly of 1996.
The Fund shall also consist of any moneys appropriated from the general fund,
grants and donations received by the Board, and other moneys received by the
State Treasurer and designated for deposit in the Fund. Interest and other
income earned on moneys in the Fund shall remain in the Fund and be credited to
it. Any moneys remaining in the Fund, including interest and other income
thereon, at the end of each fiscal year shall not revert to the general fund but
shall remain in the Fund.

C. Notwithstanding any other provision of law, the moneys and other property
constituting the Fund shall be invested, reinvested, and managed by the Board of
the Virginia Retirement System as provided in &#xA7; 51.1-124.36. The State
Treasurer is not liable for losses suffered by the Virginia Retirement System on
investments made under the authority of this section.

D. Moneys in the Fund shall be expended solely for the purpose of supporting
research efforts approved by the Board and any other purpose permitted by this
chapter.

E. An amount not to exceed six percent of the moving average of the market value
of the Fund calculated over the previous five years or since inception,
whichever is shorter, on a one-year delayed basis, net of any administrative fee
assessed pursuant to subsection E of &#xA7; 51.1-124.36, may be expended in a
calendar year for any purpose permitted by this chapter. The Board is not
required to expend such amount in a calendar year, and any amount up to such six
percent that is not expended in a calendar year may be expended in any other
calendar year.

F. 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 chairman of the Board.

HISTORY: 1997, cc. 803, 888, 891, § 23-284; 2000, cc. 675, 700; 2002, cc. 591,
612; 2013, c. 687; 2016, c. 588.