10.1-2404.1 - Establishment of Historic Preservation Trust Fund.
§ 10.1-2404.1. Establishment of Historic Preservation Trust Fund.
The Board of Trustees of the Virginia Historic Preservation Foundation andthe Director of the Department of Historic Resources are authorized on behalfof the Commonwealth to enter into a trust agreement with the Association forthe Preservation of Virginia Antiquities, whereby the Association for thePreservation of Virginia Antiquities shall be trustee and the Commonwealthshall be beneficiary. The Board of Trustees of the Virginia HistoricPreservation Foundation is authorized to create a trust fund, to be known asthe Historic Preservation Trust Fund, known hereafter as the "Trust Fund,"by transferring all of the assets of the Virginia Historic PreservationRevolving Fund to the Association for the Preservation of VirginiaAntiquities, as Trustee of the Trust Fund, including its cash, notes,mortgages, other securities, real estate and all its other assets, to beadministered as follows:
1. The Trustee shall serve without compensation;
2. The Trust Fund shall be administered and managed by the Property Committeeof the Association for the Preservation of Virginia Antiquities;
3. The Director of the Department of Historic Resources, or his designee,shall serve as a voting member of the Property Committee of the Associationfor the Preservation of Virginia Antiquities on all questions concerningproperties to be acquired and sold by the Trust Fund;
4. The Trust Fund shall be used for the sole purpose of preserving propertieslisted or eligible for listing on the Virginia Landmarks Register through theacquisition of such properties, or interests therein, the donation of aperpetual preservation easement on such properties to the Board of HistoricResources, and the subsequent resale of properties, or interests therein,thus protected to appropriate individuals, corporations, partnerships,associations or other legal entities, or the resale or transfer toappropriate public agencies, when, in the discretion of the Trustee, suchaction is the best feasible means of protecting such properties from anidentifiable threat of destruction or from the loss of those qualities forwhich they were designated or eligible to be designated as landmarks by theBoard of Historic Resources; and
5. The Trust Fund shall be operated as a revolving fund and all proceeds fromthe resale of properties, and any income which may accrue on the trustproperties, shall be returned to and deposited in the Trust Fund.
The terms, conditions and form of the trust agreement shall be reviewed andapproved by the Governor and the Attorney General.
(1999, c. 558.)