22.1-170 - Repayments to Literary Fund.
§ 22.1-170. Repayments to Literary Fund.
All assets heretofore or hereafter transferred to the Authority from theLiterary Fund pursuant to § 22.1-175 shall remain assets of the Literary Fundand shall be repaid to the Literary Fund pursuant to this section but, untilso repaid, may be used for all purposes by the Authority to the same extentas if such assets were the sole property of the Authority.
On or before January 10 in each year the Authority shall set aside and repayto the Literary Fund an amount equal to the excess of the principal andinterest collected by the Authority in the preceding year on account ofobligations transferred to the Authority from the Literary Fund over suchportion of such principal and interest as shall have been pledged by anytrust indenture or resolution authorizing bonds of the Authority.
The principal collected by the Authority on account of obligationstransferred to the Authority from the Literary Fund shall remain part of theprincipal of the Literary Fund subject to the provisions of Article VIII,Section 8 of the Constitution of Virginia and of this chapter, and theinterest collected by the Authority on account of such obligations shall bedeemed to be interest on the Literary Fund subject to the provisions ofArticle VIII, Section 8 of the Constitution of Virginia and of this chapter;provided, however, that any such collected principal and interest pledged byany trust indenture or resolution authorizing bonds of the Authority shallcontinue to be held by the Authority until no longer so required by the termsof such trust indenture or resolution; and further provided that, on the nextsucceeding tenth day of January, any amount of such collected principal andinterest no longer required to be held by the Authority shall be set asideand repaid to the Literary Fund as if it had been collected at the time itbecame no longer required to be held.
(Code 1950, § 22-29.10; 1962, c. 194; 1964, c. 146; 1971, Ex. Sess., cc. 1,241; 1980, c. 559.)