CODE OF VIRGINIA

VIRGINIA COTTON FUND ESTABLISHED (§ 3.2-1511)

There is hereby created in the state treasury a special nonreverting fund to be
known as the Virginia Cotton Fund, hereafter referred to as “the
Fund.” The Fund shall be established on the books of the Comptroller. All
assessments paid pursuant to § 3.2-1512 shall be paid into the state treasury
and credited to the Fund.The Cotton Board, to help defray the costs of Cotton
Board programs, may sell printed materials, rent exhibit space at meetings, and
engage in any revenue-producing activity related to research, education, and
promotion of the growth and use of cotton. The Cotton Board shall promptly pay
the proceeds of any such revenue-producing activities into 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 used solely for the purpose of carrying out the
provisions of this chapter. Expenditures and disbursements from the Fund shall
be made by the Cotton Board on warrants issued by the Comptroller upon written
request signed by a duly authorized officer of the Cotton Board.The Auditor of
Public Accounts shall audit all the accounts of the Cotton Board as provided in
§ 30-133.

HISTORY: 1997, c. 873, § 3.1-1101; 2008, c. 860.