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2001 SESSION
010590608Be it enacted by the General Assembly of Virginia:
1. That § 32.1-360 of the Code of Virginia is amended and reenacted as follows:
§ 32.1-360. Virginia Tobacco Settlement Fund.
There is hereby created in the state treasury a special nonreverting fund to be
known as the Virginia Tobacco Settlement Fund. The Fund shall be established on
the books of the Comptroller. Ten percent of the annual amount received by the
Commonwealth from the Master Settlement Agreement shall be paid into the state
treasury and credited to 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 purposes described in this chapter. Expenditures and
disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written authorization signed by the chairman of
the Board or his designee. Moneys in the Fund shall be used for the purposes of
discouraging, eliminating or preventing the use of tobacco products by minors,
including but not limited to educational and awareness programs on the health
effects of tobacco use on minors and , laws restricting the distribution of
tobacco products to minors, and the conduct of tobacco compliance checks by the
Department of Alcoholic Beverage Control as required of any state receiving
settlement payments under the Master Settlement Agreement.