3.2-1511 - Virginia Cotton Fund established.
§ 3.2-1511. Virginia Cotton Fund established.
There is hereby created in the state treasury a special nonreverting fund tobe known as the Virginia Cotton Fund, hereafter referred to as "the Fund."The Fund shall be established on the books of the Comptroller. Allassessments paid pursuant to § 3.2-1512 shall be paid into the state treasuryand credited to the Fund.
The Cotton Board, to help defray the costs of Cotton Board programs, may sellprinted materials, rent exhibit space at meetings, and engage in anyrevenue-producing activity related to research, education, and promotion ofthe growth and use of cotton. The Cotton Board shall promptly pay theproceeds of any such revenue-producing activities into the Fund.
Interest earned on moneys in the Fund shall remain in the Fund and becredited 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 shallremain in the Fund. Moneys in the Fund shall be used solely for the purposeof carrying out the provisions of this chapter. Expenditures anddisbursements from the Fund shall be made by the Cotton Board on warrantsissued by the Comptroller upon written request signed by a duly authorizedofficer of the Cotton Board.
The Auditor of Public Accounts shall audit all the accounts of the CottonBoard as provided in § 30-133.
(1997, c. 873, § 3.1-1101; 2008, c. 860.)