3.2-3108 - Distribution of Fund.
§ 3.2-3108. Distribution of Fund.
The Fund shall be distributed by the Commission for the following purposes:
1. The compensation of Virginia tobacco farmers for the decline orelimination of the tobacco quota based on averaging the basic burley andflue-cured quota as allocated by the USDA for the crop years 1995 through1998.
To the extent quota holders in Virginia are not otherwise compensated by anational tobacco community trust fund or a federal tobacco loss assistanceprogram that is based on substantially the same distribution criteriaestablished by the Commission for indemnification payments and to the extentmoneys are available in the Fund, the Fund shall be used to compensate quotaholders in an amount equal to the total lost asset value in quota incurredannually by such quota holders.
To the extent active tobacco producers in Virginia are not otherwisecompensated by a national tobacco community trust fund or a federal tobaccoloss assistance program that is based on substantially the same distributioncriteria established by the Commission for indemnification payments and tothe extent moneys are available in the Fund, the Fund shall be used tocompensate active tobacco producers for the economic loss resulting from anyannual quota reduction.
For the purposes of this section, the total asset loss value in quota andeconomic losses for tobacco farmers in Virginia shall be estimated to be $1.2billion.
The Commission may establish criteria for determining economic loss resultingfrom any annual quota reduction, including any similar criteria establishedpursuant to the creation of a national tobacco community trust fund; and
2. The stimulation of economic growth and development in tobacco-dependentcommunities in an equitable manner throughout the southside and southwestregions of the Commonwealth, to assist such communities in reducing theirdependency on, or finding alternative uses for, tobacco and tobacco-relatedbusiness.
(1999, cc. 880, 962, § 9-383; 2001, cc. 807, 844, § 3.1-1112; 2008, c. 860.)