4.1-117 - Disposition of net profits to localities.
§ 4.1-117. Disposition of net profits to localities.
When the moneys transferred quarterly or as otherwise provided in theappropriation act by the Comptroller to the general fund of the statetreasury exceed the sum of $187,500, two-thirds of all moneys in excess of$187,500 shall be apportioned by the Comptroller and distributed quarterlywithin ten days following such transfer. Such payments shall be made by theComptroller drawn on the Treasurer of Virginia to the several counties,cities, and towns of the Commonwealth, appropriated on the basis of thepopulation of the respective counties, cities, and towns, according to thelast preceding United States census. However, in the case of any town whichcame into existence in or about the year 1691 which is now the county seat ofany county having a population of less than 45,000 but more than 40,000, andthe boundaries of such town are not fixed, such portion of the moneysappropriated shall be based on an estimate of the population of such townmade by the Center for Public Service. The judge of the circuit court of thecounty in which the town or city or greater part thereof seeking an increaseunder the provisions of this chapter is located may appoint two disinterestedpersons as commissioners, neither of whom shall reside in the county, city,or town which is the subject of the annexation proceedings. Thecommissioners so appointed shall determine the population of the territoryannexed to the town or city as of the date of the last preceding UnitedStates census and report their findings to the court, and futuredistributions of the moneys allocated under the provisions of this chaptershall be made in accordance therewith. The Comptroller shall make noadjustments in his distribution of profits until the Secretary of theCommonwealth transmits to the Comptroller, pursuant to § 15.2-3209, a copy ofthe court order granting the petition of annexation.
(Code 1950, § 4-22; 1960, c. 104; 1962, c. 385; 1964, c. 215; 1966, c. 431;1968, c. 623; 1970, c. 727; 1972, c. 849; 1973, c. 349; 1974, c. 460; 1981,c. 514; 1982, c. 540; 1983, c. 427; 1984, c. 105; 1985, c. 222; 1993, c. 866.)