29.1-101.01 - Capital Improvement Fund.
§ 29.1-101.01. Capital Improvement Fund.
There is hereby created in the state treasury a special, nonreverting fund tobe known as the Capital Improvement Fund, hereafter referred to as "theFund." The Fund shall consist of those funds that may be so designated bythe Board and any gifts, grants, and contributions from any person,foundation, or other legal entity. In addition, the Board may transfer tothis Fund an amount equal to fifty percent or less of the revenue generatedannually from the sales and use tax which has been deposited in the GameProtection Fund pursuant to subsection E of § 58.1-638. The income andprincipal in the Fund shall be used only for the purchase, construction,maintenance, or repair of capital assets of the Department.
The Fund shall be established on the books of the Comptroller. All moneysreceived shall be paid into the state treasury and credited to the Fund.Interest earned on the moneys in the Fund shall remain in the Fund and becredited to the Fund. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund, except as provided in subsection E of §58.1-638.
(1998, c. 320.)